Soybean purchase agreement brings Chinese to Minn. - KTTC Rochester, Austin, Mason City News, Weather and Sports

Soybean purchase agreement brings Chinese to Minn.

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ST. PAUL, Minn. (KTTC) -- Members of the Chinese government met Wednesday in St. Paul to discuss an agricultural agreement. It focuses around the trade of homegrown soybeans, not only in Minnesota but across the nation.

China plays a large role in the trade of Minnesota's soybeans. Approximately 25 percent of the state's soybean production is exported there, meaning every fourth row in a farmer's field will be purchased by the Chinese.

Twenty-four members of the Chinese trade delegation gathered in the Twin Cities Wednesday. It was their first stop on a four-day agricultural tour, during which they met with Governor Dayton and Agriculture Commissioner, Dave Frederickson.

While the delegates are in the United States, they're expected to sign a soybean purchase agreement. The last purchase agreement was signed in 2008, totaling $4.5 billion.

"We look forward to the conclusion of your visit here in the United States on Friday and the signing of this agreement. Thank you very much for this very important economic transaction and also a continuation of a friendship among us and our respected citizens," said Governor Dayton.

According to the U.S. Soybean Export Council, China's demand for soybeans has risen due to a growing middle class, people, who are trying to improve their diet by eating more pork, poultry and fish. As the demand for livestock has risen, so has animal feed and soybean meal.

 

 

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