China’s $6B Soybean Buy Benefits Minnesota

MARSHALL, Minn. (AP) — China’s recent purchases of more than $6.6 billion in U.S. soybeans is being called good for Minnesota, one of the largest soybean producing states.

Jim Call, who grows soybeans near the southern Minnesota town of Madison, tells The Independent of Marshall it’s a “huge deal” for Minnesota, which exported an estimated $900 million in soybeans to China last year. He says about half the U.S. soybean crop must be exported, so China is an important market.

As chairman of the United Soybean Board’s international marketing committee, Call was on hand when a Chinese trade delegation visited with Gov. Mark Dayton, agricultural officials and lawmakers in St. Paul last week. The Chinese were on their way to Chicago to sign the purchase contracts with several exporting companies.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • China’s $6B Soybean Buy Benefits Minnesota | PubSub Hub

    […] CBS Minnesota Free Short URL Service – Get TLD30 Short […]

  • MikeB

    But Minnesota has so many acres in corn every year so that we can make ethanol! So we can export Soybeans to China, or have the US Government(i.e.Taxpayers) subsidise Corn so we can make Ethanol because we won’t drill for our own oil off our shores. So we can import Oil from Middle East countries whose dictators would prefer to destroy us. Obama wake up!

  • M B

    Stop blaming this on Obama. You know who was in office when gas hit $4.00 a gallon here, and sure wasn’t Obama. The oil companies believed that they could get away with anything under the last administration, and they think that they can do the sames now that congress has turned over sides.

    Just wait and see how quickly any investigations into oil company malfeasance gets quashed by congress and my point will be proven.

  • Jegan

    Corn is the highest subsidized crop in the US by a country mile and ethanol is protected by tariffs. Brazil has tried to get us to drop our tariffs so they could sell us ethanol 60 cents a gallon less than we pay here (if I recall ). Between agricultural subsidies and tariffs, we pay considerably more than is warranted. However, this issue has been around for a much longer period than the Obama Presidency. If you are looking for a reason for it, I suggest you consider (1) which corporate donors are involved and (2) the Iowa caucus.

    And M B is right…. ;=)

blog comments powered by Disqus
Weather App
Thursday Night Football

Listen Live