U.S. soybean shippers renew marketing agreement with China
The American Soybean Association and China’s Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-products signed a new three-year agreement in Washington this week to promote trade of U.S. soybeans with China.
The agreement also includes training programs for China’s soybean importers and downstream industries related to China’s feed and animal production. The groups will also link Web sites to improve information exchanges between their members.
Last year, China imported more than 435 million bushels of U.S. soybeans with a value of more than $2.5 billion, making China the world’s largest importer of this American agriculture commodity. In 2005, U.S. soybean exports totaled 1.1 billion bushels, valued at more than $6.3 billion.