China’s Dandong agrees to big US soybean purchase from Perdue

PUBLISHED : Wednesday, 05 June, 2013, 12:54pm
UPDATED : Thursday, 29 August, 2013, 4:13am

An importer in China has agreed to buy up to 29 million bushels, or about 790,000 tonnes, of US soybeans from the upcoming harvest from Perdue Agribusiness, Virginia Governor Bob McDonnell announced this week.

China’s Dandong Port and its affiliate Dandong Pasite Grain and Oilseed signed the agreement with the privately-held US company last month in Dandong, a port city in northeast China, during a trade and marketing mission.

Pricing terms of the purchases will be determined as each order is placed, McDonnell said in a release.

Perdue Agribusiness, a division of privately-held Perdue Farms, owns and operates a deepwater grain and oilseed export terminal in Chesapeake, Virginia.

Hong Kong-based Dandong Port Group operates ports throughout Asia and Dandong Pasite is the largest buyer and processor of grain and oilseeds in northeast China.

China, the world’s top soybean importer, is forecast by the US Department of Agriculture to import a record 69 million tonnes of the oilseed from all origins in the 2013/14 marketing year which begins September 1.