Ending a almost 14-year hiatus, the Trump Administration announced May 11 that following one more round of technical consultations between the US and China, China will begin - as soon as possible, but no later than July 16 - importing USA beef on conditions consistent with worldwide food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement. "It's a bright future for us in the agricultural world". The beef announcement came with another tasty morsel for the Bakken.
The deal will also allow Chinese companies to buy United States liquified natural gas.
These talks represent the latest effort to resolve contentious trade issues between the world's two largest economies in a process that began during the administration of George W. Bush under Treasury Secretary Henry Paulson.
Initial reaction on the US stock market was relatively subdued after the announcement late on Thursday, part of Washington's drive to cut its trade deficit with Beijing.
"It's very, very positive", said Tim Petry, a livestock economist at North Dakota State University. Cheniere said on Friday it has had extensive negotiations with Chinese state-owned companies about increasing US shipments of LNG to China.
Final terms are expected to be met and the market reopened no later than July 16.
Some analysts, however, question how quickly U.S companies will feel the benefits in China, where foreign companies have long reported difficulty penetrating the domestic market.
The key will be what results will arise from the last round of technical consultations.
In exchange, the US would allow the sale of cooked Chinese poultry - a move Ross said could be done safely. "We are going to start making money on cattle again".
Is this really a new direction?
"It's been a long, frustrating journey restoring that market", she said.
Steinbeisser said the announcements have already had an effect on prices.
The agreement covers 10 areas where negotiators from the two sides have reached consensus, including agricultural trade and the issuance of both bond writing and settlement licenses to two qualified US financial institutions. "Trade is vital to the success of our farmers and ranchers".
Beijing will open its borders to USA beef, while cooked Chinese poultry is closer to landing on American supermarket shelves under a U.S.
"The 100-day China-U.S. economic plan is a plan of cooperation, a plan of actions and a plan of win-win arrangements", Zhu said.
But he noted that China has "made a lot of positive commitments that it hasn't followed through on" in the past.
Ross, a billionaire who made his fortune investing in distressed assets, said the dialogue with China is an ongoing process, and these developments should help reduce the USA trade deficit with China.
Steve May said today, "With May being National Beef month, there is no better way to celebrate than to confirm Nebraska beef producers will have access to a critical market that has been closed for more than a decade".
Kentucky is the largest beef cattle producer east of the Mississippi River with more than 1 million beef cows.
Tester pointed out the quality of Montana beef.
"Negotiating market access for US beef products into China has been a prolonged effort, and I will remain cautiously optimistic until I see the first shipment of American beef land in China".
Though the Commerce Department said U.S. "When the Chinese people taste our high-quality USA beef, there's no doubt in my mind that they'll want more of it". "It's been a long, hard path getting recognition from their government to accept our product back, even though we have a safe wholesome product and have proven that time and time again".
"The US welcomes direct investment by Chinese entrepreneurs as it does by entrepreneurs from other countries", a joint statement read. We have a good story to tell, we have good safeguards in place and a high-quality, desired product.
The United States has reached a set of trade deals with China covering areas like electronic payment services, beef and poultry, compromising on some Obama administration stances but leaving untouched bigger issues that could still complicate relations between the two major trading partners. "So I'm quite relieved that we had tangible achievements".