Agriculture Secretary Tom Vilsack issued a statement on the reported sale of 2.74 million metric tons of U.S. soybeans to China in the 2011-12 marketing year, calling it "another strong sign that China continues to look to the United States as a reliable supplier of high-quality products."
According to Vilsack, the transaction is the single largest daily soybean sale since the U.S. Department of Agriculture began issuing daily sales reports in 1977. "This is great news not just for American soybean farmers but for the U.S. economy overall," said Vilsack. "The U.S.-China trade relationship continues to flourish, thanks in large part to agriculture. U.S. farm exports to China have grown nearly tenfold over the past decade, from $1.5 billion in fiscal year 2000 to $15 billion in 2010. Each $1 billion in exports supports 8,000 jobs throughout the supply chain, including rural growers, processors, shippers and others. China will continue to be a key trading partner as agriculture contributes to President Obama's goal of doubling total U.S. exports over the next five years."