U.S., China talk soybeans, sign deals

By | June 01, 2006
In April at the Chicago Board of Trade, the U.S. Soybean Export Council (USSEC) co-hosted a Chinese delegation representing 67 percent of all soybeans purchased in China. "We had a fantastic signing ceremony," said Mark Pietz, United Soybean Board (USB) director and farmer from Lakefield, Minn. The delegation signed various export purchase agreements with several state soybean entities. For example, four Chinese companies signed agreements to purchase what amounts to 25 percent of Minnesota's annual soybean production.
Curt Raasch, USB chairman and farmer from Odebolt, Iowa, said as U.S. soybean crops gain more yield, and as production processes improve, the abilities to better negotiate trade and become profitable are hoped to follow.
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