USSEC sponsored the 2019 China International Cereals & Oils Industry Summit, which took place in Wuhan, Hubei Province on July 11 and 12. The event was organized by USSEC’s long-term partner, the China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-products (CFNA), and was co-organized by USSEC. About 200 industry representatives from more than 10 countries and regions, including China, the United States, Canada, Australia, Malaysia, Indonesia, Germany, and Russia attended the summit, where officials from government departments and experts from industry organizations and research institutes interpreted the relevant policies of the bulk grain and oil industry and provided comprehensive and multi-perspective market analysis.
USSEC director and at-large member of the American Soybean Association’s (ASA) Governing Committee Kevin Scott gave a keynote speech, “A Farmer’s Perspective on U.S. Soy Production” on July 10, which demonstrated the advantages of U.S. soybeans, the achievements made by the U.S. soybean industry in terms of innovation, consistent supply, and sustainable farming practices. Bell Chen, Vice President of R. J. O’Brien & Associates, LLC, invited by USSEC, shared his analysis and outlook on U.S. soy and corn markets. In addition, James Fry from LMC Int’l, and industry representatives from the Malaysian Palm Oil Commission and the Indonesian Palm Oil Commission addressed the audience on global oil and fats market trends and palm oil production, consumption and global trade. During the panel discussion, Mr. Scott interacted with the audience on the topics of soybean planting, production cost, farmers’ marketing strategy, and efforts made by the U.S. soy industry to mitigate the impact of trade tension with China.
During the summit, Mr. Scott met with CFNA President Cao Derong to exchange views on current trade tension and explore possibilities to minimize the losses thus caused to both industries. Both industry leaders attached great importance to a stronger partnership in the future. They also discussed U.S. soybean production and distribution system in depth.
Prior to the summit, USSEC organized a seminar on soybean oil quality for more than 40 technicians from China’s oil and fat industry. Speakers included a university professor, the technical director of a consulting firm, and a quality assurance manager from a leading crushing group in China. USSEC Regional Director – Greater China Xiaoping Zhang also presented U.S. soybean oil advantages, including the U.S. Soy Sustainability Assurance Protocol (SSAP) certification system and product innovation, citing high oleic soybean oil (HOSBO) as an example. U.S. Consul General Jamie Fouss also attended the seminar and delivered a speech to support the partnership between the U.S. and Chinese soy industries.