Chinese Buyers Commit to Buy $5.3 Billion Worth of U.S. Soy
Buyers from China have agreed to buy $5.3 billion worth of U.S. Soy, totaling more than 484 million bushels of U.S. soybeans. The announcement was made today in Des Moines, Iowa.
“Anytime an agreement like this is made, it is great for U.S. soybean farmers,” says Laura Foell, U.S. Soybean Export Council chair and soybean farmer from Iowa. “Our international customers demand a product that is sustainable and high quality, and that’s what U.S. soybean farmers continue to deliver.”
In the most recent marketing year, U.S. Soy exports accounted for 62 percent of U.S. Soy production. China alone imports approximately 25 percent of all U.S. Soy. The country was the No. 1 buyer of whole U.S. soybeans in the 2013/14 marketing year and the second-biggest buyer of U.S. soybean oil.
“This is a great example of how our farmer-leaders’ work of establishing relationships in China are paying off,” Foell says. “We must continue this work with China and other countries since exports are so important to the U.S. Soy industry.”
In the most recent marketing year, U.S. soybean farmers exported 2 billion bushels of soy to international customers. The value of these exports set a record of more than $30 billion.
The U.S. Soybean Export Council aims to maximize the use of U.S. Soy internationally by meeting the needs of global customers that use U.S. Soy in human food and feed for poultry, livestock and fish. The organization uses a global network of stakeholder partnerships, including soybean farmers, exporters, agribusinesses, agricultural organizations, researchers and government agencies, to accomplish that mission.