More than a dozen Chinese and the US enterprises on Friday [14 October 2016] signed agricultural transaction contracts worth $2.1 billion, under which Chinese enterprises will import 5.1 million tons of farm products from the US companies. Nearly 100 officials and enterprise representatives from China and the United States attended the signing ceremony held in Des Moines, Iowa…Full Article: China Daily Oct 2016

Key Point

  • From 2015/2016 to 2016/2017 seasonal year, Chinese soybean consumption is expected to increase from 95 million MTs to 98 million MTs, with imports to reach 83 million MTs during the 2016/2017 seasonal year.

ChinaAg Comments

  • In September 2015, Chinese soybean importers signed agreements to purchase 13.18 million MTs (~US$5.3 billion) after attending US conference in Des Moines, Iowa. The US soybean exporters to China included Archer-Daniels-Midland (ADM), Cargill and Louis Dreyfus Group.
  • In April 2013, approximately 75 companies from Hebei Province visited Iowa.
  • In October 2012, Chinese soybean importers visited Mitchell County, Iowa.
  • In 2012, after a 27 year hiatus, Xi Jinping revisited Muscatine, stating “coming here is really like coming back home.” At an official dinner in Des Moines, the governor of Iowa toasted Xi saying “Iowa farmers are proud to harvest safe and reliable agricultural products for use by the people of China.” During the visit, U.S. companies Cargill Inc. and the Archer-Daniels-Midland Co. signed contracts to export $4.3 billion worth of soybeans to China.
  • In 1985, Xi Jinping (age 31) led a small delegation from Hebei province to study American agriculture and paid a 3-day visit to the town of Muscatine (pop. 23,000), eastern Iowa. As of 2011, Iowa was the top US soybean producer at 466 million metric tons or 12.7% of output.

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