Managing for Profit
Chinese soybean sale tops $5 billion
Chinese soybean buyers Thursday signed contracts for 460 million bushels of U.S.-grown soybeans worth more than $5 billion. U.S. Soybean Export Council CEO Jim Sutter says that beats similar signing events last year by more than $1 billion. China’s the top customer for U.S. soybeans, with the world’s largest swine herd and a growing middle class eating more meat and consuming more protein. Iowa farmer and United Soybean Board Director April Hemmes puts in perspective the size of the Chinese soybean purchase.
“They bought almost the equivalent of what we raise in Iowa,” Hemmes told Brownfield Ag News following the signing. “That speaks volumes to a producer like me.”
AUDIO: Jim Sutter and April Hemmes (3 min. MP3)
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