Last week was a momentous one for U.S.-China agricultural relations. In addition to the productive meetings that took place in Washington and Des Moines, I was honored to witness the signing of an agreement between the U.S. soybean industry and Chinese buyers who agreed to purchase more than 8.6 million metric tons of U.S. soybeans in the coming year. That’s about $4.3 billion worth of soybeans, or 317 million bushels.
The signing of that purchase agreement represents another very important milestone in the U.S.-China trade relationship, a relationship that continues to grow and flourish – in large part thanks to agricultural trade. Last fiscal year, for the first time ever, China was the number one market for U.S. food and agricultural exports. And it was also the top market, by far, for U.S. soybeans. In fact, China purchased nearly 60 percent of the U.S. soybeans sold internationally last year.