Industry, Chinese officials sign giant soybean deal

“Last year we had 62 percent of our soybeans exported, 25 percent of all USA soybeans went to China”.

The official ceremony involved more than a dozen agreements for the Chinese to purchase $13.8 million metric tons of USA soy products through August. 31, 2016, according to Gov. Terry Branstad’s office.

“Anytime an agreement like this is made, it is great for USA soybean farmers”, says Laura Foell, U.S. Soybean Export Council chair and a soybean farmer from Iowa.

The 484-million-bushel order from Chinese soybean buyers comes at a flawless time as Iowa farmers begin to harvest what’s expected to be a record crop, according to Grant Kimberley, Iowa Soybean Association market development director.

“This is an annual event and unlikely to dramatically change the slow pace of USA exports overall” with rising competition from record-high crops in South America, said Richard Feltes, the head of market insights at Chicago-based R.J. “The signing of these contracts will highlight our world-class agricultural commodities throughout Iowa while delivering quality products to the Chinese people”, said Reynolds. “Building on these partnerships helps us continue to be a supplier of choice”.

Organized by the Soybean Export Council, contracts were signed between a number of Chinese import companies and exporters. She’ll be there, along with representatives of the Chinese government. As a leading agriculture state in the nation, Iowa farmers produce food, fiber and fuel that are exported to China.

The Governor met with China’s president, Xi Jinping, on Thursday in Seattle, Washington at the third annual U.S -China Governor’s Forum and Dialogue.

“I think it’s pretty neat when the president of China calls you an old friend”, he said.