CHICAGO, ILLINOIS, U.S. – Archer Daniels Midland Co. (ADM) and COFCO Group signed a memorandum of understanding (MOU) for the export of U.S. soybeans into China.

The signing ceremony on Nov. 9 was witnessed by U.S. President Donald Trump, and China’s President Xi Jinping, in Beijing, China.

“The signing is a strong example of our countries’ increasingly productive and mutually beneficial trade relationship,” ADM said. “The U.S. and China are the world’s two largest producers and consumers of food, and together, both countries play a key role in helping to achieve food security not only for their respective populations, but for the globe.”

ADM also noted both companies are pleased to continue advancing agriculture as a basis for ongoing cooperation and collaboration between the two countries, and creating a foundation for a stronger overall bilateral relationship in the years ahead.

This is COFCO’ssecond MOU of the year.In May, Denmark and COFCO signed an agreement to further bilateral cooperation in food and agriculture. The agreement helps establish a platform for the exchange of agricultural and food technologies, promote and reinforce pragmatic cooperation in planting and cultivation, food production, organic food, development of new products, and consumer-oriented food experience as well as the exchange of expertise and information between China and Denmark.

This is ADM’s most recentexpansion into the soy sector

In October, the company made further investments at its crushing facility in Straubing to produce non-GMO high-protein soybean meal. Located in southern Germany, the added capability will allow the site to serve ADM’s growing portfolio of soybean meal customers and support local farmers in increasing the region’s soybean output.

The move to processing non-GMO soybeans is a part of the company’s growth plan.