U.S., China Soybean Deal Inked
In St. Louis, MO, Chinese soybean buyers signed an agreement to purchase an estimated $3 billion worth of U.S. soybeans, Ag Professional reports. The United Soybean Board (USB), the United States Soybean Export Council (USSEC) and the American Soybean Association (ASA) helped facilitate contracts between eight U.S. exporters and 14 Chinese importers.
Soybeans are the number one U.S. agricultural export, valued at more than $9 billion annually. Missouri ranks fifth in soybean production across the nation and continues to be the states number one cash crop.
China has bought a record-breaking 436 million bushels of soybeans from the U.S. this growing season, more than double the amount of soybeans grown in Missouri last year. In 2007, Missouri exported more than $107 million in soybeans to China.