USSEC chairman and American Soybean Association (ASA) director Jim Miller, a Nebraska farmer, represented the U.S. Soy industry during two signing ceremonies in Beijing during President Donald Trump’s 12-day trip to Asia. The ceremonies took place on November 8 and 9.
On November 8, USSEC, representing 10 U.S. soybean exporters, signed a letter of intent (LOI) with China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-products (CFNA) representing 10 Chinese importers. This signing represented 8 million metric tons (MMT) of U.S. soybeans valued at $3.4 billion. U.S. Commerce Secretary Wilbur Ross and China’s vice-premier Wang Yang attended the ceremony.
The November 9 signing represented 4 MMT of U.S. soybeans valued at $1.6 billion USD. Presidents Trump and Xi witnessed this agreement between ADM and COFCO.
Chinese buyers have committed to buy a total of $11.57 billion worth of soybeans through three signing ceremonies for the 2017/18 marketing year. Shipments against these purchase contracts will take place during 2017/18 marketing year.
USSEC Country Director – China Xiaoping Zhang estimates that the U.S. will have final sales of $14 billion worth of soybeans to China by the end of August 2018 and that these current commitments will account for 82.6 percent of the estimated total
In the 2016/17 marketing year, two signing ceremonies accounted for $3.88 billion of the $14.57 billion in U.S. Soy sold to China (26.6 percent).