President Trump is continuing his trip through Asia, and as he arrived in China Wednesday, American and Chinese companies signed 19 agreements worth $9 billion.
Farmers are also getting good news out of China with the country agreeing to purchase more U.S. soybeans. According to a report from Reuters, Chinese soybean buyers are preparing to sign a letter of intent with the U.S. Soybean Export Council.
While the exact number hasn’t been released, this comes in addition to a July letter which pledged the purchase of 12.5 million tonnes of soybeans from the U.S. This new volume is expected to be “much less” than the July agreement, said Paul Burke, U.S. Soybean Export Council’s North Asia regional director.
In the 2017/18 marketing year, China is expected to import 96 million tonnes.