To kick off the 2017 U.S. Soy GLobal Trade Exchange eleven Chinese purchasing agreements were signed with five U.S. soybean exporters for 3.8 MMT valued at $1.561 billion. The U.S. Soybean Export Council (USSEC) and Midwest Shippers Association serve as hosts for the conference where over 250 international buyers representing over 55 countries attend.
“These companies are very loyal buyers of U.S. soy and their purchases of soy exceed the percentage of soy the Chinese import. China imports 40% of its soy from the U.S. Some of these companies import 60% or 70% of their soy from the U.S. This was a demonstration to the U.S. trade and producers that they are committed to engaging with and being long-term customers of the U.S. soybean farmers,” said Paul Burke, USSEC regional director North Asia.
North Asia buys more than 30% of the entire U.S. crop. Paul said that volume of purchases will continue to be very steady. China carries the bulk of that market demand and we will see an increase in volume of soy imports through 2030.
Listen to my complete interview with Paul to learn more about the North Asia soybean market and the growing demand for U.S soy here: Interview with Paul Burke, USSEC
You can find photos from the event here: U.S. Soy Global Trade Exchange Photo Album