$2.8 Billion in Chinese Purchasing Commitments Signed in Davenport
- General News
Chinese agricultural leaders signed thirteen contracts at USSEC's Davenport-based U.S. Soy Global Trade Exchange event this week agreeing to purchase $2.8 billion of U.S. soy.
China is already U.S. soy’s biggest international customer, purchasing 850 million bushels of U.S. soy last year or about one of every four rows grown. According to Xiaoping Zhang, USSEC Country Director - China, events such as the global exchange are critical to continuing to promote the advantages of U.S. soy to Chinese customers and show these customers first-hand the advantages of the U.S. soy system. “There are many advantages of U.S. soy, including the fact that it’s an abundant and sustainable supply; delivery is reliable and timely; the quality is consistent; and the customer service is better. They also admire U.S. farmers’ use of advanced farming practices and biotechnology; the infrastructure and logistic services; the open and transparent trading system; and the technical services they receive from U.S. soy industry organizations,” stated Mr. Zhang.
“The U.S. continues to export so many soy products because our customers recognize the strength of our delivery system and the quality of our soybeans,” says Danny Murphy, American Soybean Association (ASA) president. “These agreements certainly prove the U.S. Soy Global Trade Exchange was a success.” USSEC Chairman Randy Mann adds, “We look forward to continuing to grow our relationship with our largest international customer.”