Chinese soyabean importers have made the second largest purchase of US soyabeans in history, valued at approximately US$5bn and consisting of 12.5M tonnes of product.
“As China’s middle class expands, so does its appetite for protein – and more livestock means more opportunity for US soya as a preferred feed ingredient,” Xiaoping Zhang, US Soybean Export Council (USSEC) country director for China told Feedstuffs on 14 July.
In 2016, Chinese buyers purchased a total of 9M tonnes of US soya, worth nearly US$4bn, which had been far surpassed in this marketing year, with China already buying a record 34M tonnes of soyabeans.
“This latest purchasing commitment signifies the strength of the soya industry and the integral partnership between the USA and China as the largest global producer and buyer of soya, respectively,” said Jim Miller, USSEC chair.
The purchase deal was signed at a ceremony hosted by the USSEC, United Soybean Board, American Soybean Association and the China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-Products on 13 July for a delegation of Chinese buyers.