China to import farm products worth $5bn from the US

The Chinese government has lifted its US beef import ban

The Chinese government has lifted its US beef import ban

At a signing ceremony held in Des Moines Thursday, China agreed to purchase 12.5 million metric tons or 441 million bushels of US soybeans through this next marketing year.

He says Chinese demand for protein is increasing and will continue to grow meaning they'll likely want to purchase more US soybeans in the future.

The $4.5 billion deal to buy 460 million bushels of soybeans comes a week before Gov. Kim Reynolds is expected to lead an agricultural trade mission to China and brings tremendous value to the Iowa economy.

"It was the request of the Chinese to come to Des Moines", said Jim Sutter, U.S. Soybean Export Council CEO.

"As China's middle class expands, so does its appetite for protein - and more livestock means more opportunity for USA soy as a preferred feed ingredient", said Xiaoping Zhang, USSEC country director - China.

China has become a strong importer of soybeans due to rising consumption of both poultry and livestock, industry analysts said.

The ceremony isn't the only event celebrating the symbiotic relationship between the farmers who grow US soy and the Chinese buyers.

Miller says other US commodity groups were represented at the signing ceremony and the Chinese also bought USA pork and beef. In September, USSEC will host an anniversary event in Beijing to celebrate the 35 years of U.S. Soy in China.

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