ADM to sign agreement to sell 180,000 tonnes of soybeans to Chinese food, supplement manufacturer Jiusan Oils and Grains Industries as part of company's effort to increase reach into China
September 16, 2011
– Archer Daniels Midland Co. is set to sign an agreement to sell 180,000 tonnes of soybeans to Chinese food and supplement manufacturer Jiusan Oils and Grains Industries Group Co. Ltd., Harold-Reveiew.com reported Sept. 15.
The company announced the pending deal Sept. 15, before Illinois Governor Pat Quinn heads to China for an eight-day trade mission. The deal is part of ADM’s effort to increase its ability to meet the rising demand in China,
China is the world’s top importer of soybeans and Illinois soy farmers are playing a significant role in meeting this demand, according to Governor Quinn.
Trade and investment to China are imperative to growing the state’s economy and the trip will promote Illinois’ exports and encourage companies in China to invest in the state, according to Quinn.
Illinois exports to China reached US$3 billion in 2010, with top products that included machinery, electronics, appliances, chemicals, plastics, and agricultural products, state officials say.
The primary source of this article is Herald-Review.com, Deactur, Illinois, on Sept. 15, 2011.