Press Release - Thursday, April 06, 2006
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Major Soybean Agreement Signing!!
CHICAGO - Thursday, Lt. Governor Pat Quinn joined Chinese soybean industry officials and American soybean growers who signed a new trade agreement at the Chicago Board of Trade. The agreement demonstrates the willingness of Chinese purchasers to buy U.S. soybeans, which would continue strong exports to China for U.S. soybean farmers.
"China is a growing market for soybeans and Illinois remains one of the nation's leading producers of this valuable commodity," Quinn said. "Fostering a strong and open trade relationship with China opens new doors for Illinois farmers."
China is the number one export market for U.S. soybeans, with 435 million bushels - more than 40 percent of total U.S. exports - sold to China in the last marketing year. The delegation currently visiting the U.S. represents 67 percent of the Chinese industries using those 435 million bushels. Since 2002, the value of China's agricultural imports has more than doubled, with soybeans accounting for 30 percent of the increase.
Quinn joined Chinese Industry Chamber of Commerce President Cao Xumin, United Soybean Board (USB) Chairman Curt Raasch, and First Vice President of the American Soybean Association Rich Ostlie. The delegation witnessed the Chicago Board of Trade opening bell before a signing ceremony and champagne toast.
The delegation is hosted by USB and the soybean checkoff, the Illinois Soybean Association (ISA) and the U.S. Soybean Export Council, an organization that implements international marketing activities on behalf of the soybean checkoff and USDA-Foreign Ag Services.
ISA is the statewide organization for Illinois soybean farmers. The 24 farmers on its board administer soybean checkoff funds to support research, promotional activities and educational programs designed to increase demand for Illinois soybeans and administer legislation and membership programs.
Lt. Governor Quinn is a longtime supporter of the soybean industry, receiving the 2004 Illinois Soybean Association's Friend of Agriculture award.
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