URBANDALE, Iowa - During a multi-city tour of U.S. soybean-related locations, Chinese buyers signed 27 contracts worth an estimated $2.7 billion with U.S. soybean export companies. In Iowa, 10 contracts were signed for 2.2 mmt of soybeans worth approximately $700 million. Part of the signings took place at the Iowa State Capital Rotunda on Thursday, May 17, 2007.

The contracts signed by Chinese companies account for 70 percent of the 410 million bushels of soybeans U.S. farmers are expected to sell to China during the 2007 market year. Iowa is the number one soybean-producing state, so clearly a large percentage of the soybeans purchased will be grown in Iowa.

The Chinese delegation visit builds on an increasing trade relationship between the U.S. and China. China is currently the leading export market for U.S. soybeans, purchasing almost 40 percent of U.S. global exports. In 1998, China’s import of U.S. soybeans was virtually zero, but that number grew to an astounding 435 million bushels in the 2004-2005 market year.

The Iowa Soybean Association (ISA), United States Soybean Export Council (USSEC) and Iowa Department of Economic Development (IDED) hosted the event at the Iowa State Capital.