Soybeans Big Deal with China
As U.S. farmers prepare to harvest their 2016 soybean crops, customers in China are committing to purchase them.
Buyers from China have committed to buy nearly $1.8 billion worth of U.S. soy, totaling 146 million bushels of U.S. soybeans.
China continues to be the number one importer of U.S. soybeans. Several of these commitments were made official at a signing ceremony held at the Global Trade Exchange in Indianapolis, hosted by the U.S. Soybean Export Council.
Last year, U.S. soybean farmers exported a record 62.88 million metric tons of soy and soy products, valued at $27.7 billion.
Last year's number was a record high. Economists are predicting even more in 2016.