China agreed to purchase 13.1 million metric tons of U.S. soybeans at a signing ceremony Thursday afternoon in Des Moines. Iowa Soybean Association President Wayne Fredericks says it’s the largest one-time purchase in history, both in value and price.

The agreement was made up of 24 individual contracts which will be purchased over time. Fredericks thinks the Chinese increased their purchase in part due to the lower price of U.S. soybeans.

Fredericks also ties the record breaking deal to the Chinese President’s visit to the U.S. and a long standing trade partnership U.S. soybean producers have fostered.

Thursday’s purchase agreement breaks the previous record of 317 mb worth $4.31 billion from 2012.