When the United States and China Signed a Plan of Strategic Cooperation last week, Chinese importers signed multiple contracts with American farmers to purchase 4.31-billion dollars worth of U.S. soybeans. The commitments total more than 8.62-million metric tons, or 317-million bushels, of soybeans. Additional commitments are expected.
American Soybean Association President Steve Wellman, who watched as the agreements were signed, says – the Chinese purchases definitely add value to U.S. farmers' soybeans. They also reinforce the benefits of international market development, including ASA's investment of cost-share funds provided by the Foreign Agricultural Service, which began 30 years ago in China, and by soybean farmer checkoff funds.