ASA President Participates in Signing Ceremony at US-China Ag Symposium

American Soybean Association (ASA) President Steve Wellman joined a delegation from the Chinese Ministry of Commerce, led by Assistant Minister Yu Jianhua, and leaders from China’s agricultural sector, as well as U.S. Department of Agriculture officials and congressional representatives in Des Moines, Iowa, for the 2012 U.S.-China Agricultural Symposium. Joining Wellman were soybean industry representatives from the United Soybean Board, the U.S. Soybean Export Council, and the Iowa Soybean Association (ISA), as well as leaders from CFNA, the Chinese Chamber of Commerce. The visit was initiated at the request of Chinese Vice President Xi Jingping, who visited Iowa in 1985 and wished to return to the state where he had experienced Midwest hospitality.

The symposium featured a signing ceremony, during which Chinese importers signed multiple contracts with American farmers to purchase $4.31 billion worth of U.S. soybeans. The commitments total more than 8.62 million metric tons, or 317 million bushels, of soybeans, with more commitments expected to be signed in Los Angeles in the next few days.

"It's a pleasure for ASA to participate in this signing ceremony," Wellman said. "China is the largest export market for U.S. soybeans, purchasing approximately 25 percent of our production. The Chinese purchases definitely add value to U.S. farmers' soybeans. They also reinforce the benefits of international market development, including ASA's investment of cost-share funds provided by the Foreign Agricultural Service, which began 30 years ago in China, and by soybean farmer checkoff funds."