China’s Hopefull Grain & Oil Inks Deal for $3B Soybean Purchase from U.S. Companies ADM, Olam

China’s Hopefull Grain & Oil Group has signed agreements with Archer Daniels Midland (ADM) and Olam in Des Moines, Iowa, to purchase $3 billion worth of U.S. soybeans over the next three years.

The signing ceremony for the agreements was conducted at World Food Prize Hall of Laureates, and was witnessed by a delegation of government officials and business leaders led by Hebei vice governor Jin Hui, along with leaders from the Iowa Soybean Association.

U.S. soybean farmers began making inroads and building relationships with Chinese buyers 40 years ago. Since then, China has become the largest global market for U.S. soybeans.

China’s soybean imports have soared 500 percent from 20 million tons in 2004 to 100 million tons in 2020. Of this total, 30 million tons are from the U.S. Likewise, Hopefull Grain & Oil’s soybean imports have also grown by 500 percent from 2012 to 2022 when the company bought 5.85 million tons - of which, 3.06 million came from the U.S. with one-in-five ships delivering soybeans from Iowa.

More on this story.