Tags: china | us | soybeans | commodity

China to Buy 8.62 Million Metric Tons of US Soybeans

Wednesday, 15 Feb 2012 04:50 PM

 

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A Chinese trade delegation signed agreements with U.S. grain companies on Wednesday to buy 8.62 million tonnes of soybeans from the United States at a ceremony that underscored deepening agricultural trade ties between the world's top two economies.

Watched over by Chinese Vice President Xi Jinping, Chinese powerhouses like COFCO Co Ltd, the country's largest state-owned grain trading house, and Sinograin, which manages state grain reserves, inked deals with Archer Daniels Midland, Bunge Ltd, and Cargill Inc, among others.

The Chinese delegation was expected to sign more purchase agreements in Los Angeles on Thursday, which would bring the total amount to a record of more than 12 million tonnes, said Kirk Leeds, director of the Iowa Soybean Association.

© 2014 Thomson/Reuters. All rights reserved.

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