China Buying Delegation Explores the Chicago Board of Trade and Business Opportunities
June 12, 2008
ST. LOUIS, MO (U.S. Soybean Export Council) – A delegation of Chinese crushing and trading officials slated to take part in a contract signing ceremony with U.S. suppliers on Monday, June 16 in St. Louis toured the Chicago Board of Trade (CBOT) to see where trading determines the pricing for soybean futures and options.
The tour, led by CBOT Associate Director of Commodity Products Richard Jelinek, featured an official welcome by CBOT Director of Commodity Research and Product Development Research and Product Development David Lehman, discussions on the changing nature of commodities trading and a walk through the actual trading floor. This opportunity allowed the Chinese dignitaries to experience the electric trading environment and come to a deeper understanding of the theoretical trading processes with which they are already familiar.
Following the tour, team participants interested in buying a variety of soybean products and utilizing alternative transportation for these products met with representatives from USSEC member companies such as Bo DeLong of the DeLong Company and Jennifer Li of Scoular Company. During these sessions, the parties discussed the ways in which they could cooperate creating relationships that will further the business goals of all involved.
The U.S. Soybean Export Council arranged these opportunities to enrich the important trading relationship between the U.S. soybean farmer and Chinese buyers. With 12 percent of total U.S. soybean production exported to China in financial year 2007, China is the largest export market for U.S. soybeans. Through the China Buying Team activity, the USSEC builds trust with key decision makes in this vital market.
– Article Reprinted with Permission of the U.S. Soybean Export Council