August 15, 2013
Agribusiness is changing the economies of many states. The investment in exportation of organics is delivering a positive punch for states like Virginia. The trading of “More soybeans from Virginia ports going to China” has seen more growth since 2011.
Richmond Times Dispatch announcement from “State officials that Perdue Agribusiness Inc., which owns a deep-water export terminal in Chesapeake, has reached an agreement with China’s Jiusan Oil and Grain Industries Group to supply up to 8 million bushels of soybeans in a series of shipments from the 2013 and 2014 crops.”
Further, “Officials said the agreement grew from Gov. Bob McDonnell’s trade mission to Beijing in April. The latest deal is in addition to an agreement reached in 2011 in which Perdue is exporting tens of millions of bushels of soybeans to China’s Dandong Port Group Co. and an affiliate. The estimate of that sale was about 29 million bushels from the 2013 crop. Sales of farm and forestry products shipped from Virginia to China amounted to about $638 million in 2012, helping push Virginia’s overall agricultural exports to a record high of $2.61 billion for the year.”
The investment in feeding the global populations continues to be a growth industry for mega agricultural businesses. The brokerage of commodities and trade efforts can be one factor in the difference from failing state budgets to staying in the black.
The news reports, “Under the new deal, Perdue will ship up to four Panamex vessels of soybeans from the upcoming season’s crop in October. Each vessel holds more than 2 million bushels of soybeans.”