Chinese buyers purchase $5.3 billion in soybeans from Iowa farmers

Late last week, a group of Chinese soybean buyers purchased 484 million bushels of U.S. soybeans for $5.3 billion.

The order will be filled by farmers from Iowa. Grant Kimberley, market development director for the Iowa Soybean Association, said the state's soybean crop is expected to set records this year as soybean production should be approximately 526 million bushels.

After the sales agreement was signed, a group of Chinese feed and grain company representatives toured the Kimberley family farm near Maxwell, Iowa.

“Business in Asia is driven by relationships,” Kimberley said. “The ISA has diligently worked to foster partnerships, which serve as a foundation for a long-lasting cooperation between our two countries. With the large crop, it’s important to maximize our export opportunities. Building on these partnerships help us continue to be a supplier of choice.”

China imports about 25 percent of all U.S. soy produced and is the largest importer of soybeans in the world.

“Any time an agreement like this is made, it is great for U.S. soybean farmers,” said Laura Foell, U.S. Soybean Export Council chair who farms near Schaller, Iowa. “Our international customers demand a product that is sustainable and high quality, and that’s what U.S. soybean farmers continue to deliver.”

"We look forward to continuing to build relationships,” ISA President Wayne Fredericks, who farms near Osage, Iowa, said. “We are working hard to help China meet its needs in food security, safety and sustainability while showing them how biotechnology fits into that strategy. It’s about building a partnership and working together to meet the needs and goals of both of our countries.”