The U.S. soybean industry and China signed two new agreements this week as part of a series of trade deals announced during President Donald Trump’s trip to Asia.
The first came when the China Chamber of Commerce of Foodstuffs & Native Produce announced its intention to purchase 8 million metric tons of U.S. soybeans worth $3.4 billion. The second agreement was signed Nov. 9 between Archer Daniels Midland (ADM) and China’s COFCO Group for the sale of an additional 4 mmt of soybeans worth $1.6 billion.
“This memorandum of understanding, signed by ADM and COFCO Group for the export of U.S. soybeans into China, is a strong example of our countries’ increasingly productive and mutually beneficial trade relationship,” ADM said in a statement. “The U.S. and China are the world’s two largest producers and consumers of food, and together, both countries play a key role in helping to achieve food security not only for their respective populations but for the globe."
ADM and COFCO said they are pleased to continue advancing agriculture as a basis for ongoing cooperation and collaboration between the two countries and “creating a foundation for a stronger overall bilateral relationship in the years ahead.”