China to Purchase $1.8 Billion in Soybeans From U.S.
This article is for subscribers only.
China, the world’s biggest soybean importer and consumer, agreed to purchase $1.8 billion of the oilseed from the U.S., said Wang Chao, the vice minister of commerce.
A delegation of Chinese buyers signed 10 contracts today in Chicago with companies including Archer Daniels Midland Co., Bunge Ltd. and Cargill Inc., coinciding with President Hu Jintao’s visit to the city. Ten additional contracts may be signed at a ceremony tomorrow, said Paul Burke, the director of global marketing for the U.S. Soybean Export Council.