Taiwan to buy billions in Minnesota corn and soybeans

An agricultural delegation from Taiwan has signed letters of intent with representatives from the USA governments of Illinois and Iowa to purchase soybeans and corn from the two U.S. states.

Agriculture Director Philip Nelson says the goal of this tour is to demonstrate to investors how Illinois can help “feed the world”. “We look forward to a long, continued relationship with our friends from Taiwan so that together we can help feed the world”, Rauner said in a statement released by the state.

Taiwanese trade officials and business leaders have signed letters of intent to purchase billions of dollars of corn and soybeans from Minnesota and other Midwest farmers during the next two years. Taiwan is Minnesota’s sixth-largest export market for corn and soybean growers.

“The US remains one of Taiwan’s largest trade partners for agricultural products, regularly supplying one-fourth of the Island’s total food import needs”, said Mr. Cheng-Taung Wang. “Of course we’re looking to expand our export markets. Today’s signing ceremony represents the next step in this growing partnership”.

Last year’s tour generated an estimated $198 million in sales.

Daryl Cates of Columbia, Illinois Soybean Association chairman, and Jim Raben of Ridgeway, Illinois Corn Marketing Board chairman, participated.

“As USA farmers with so much of our crop being exported it’s important to us that those relationships that we have with our global customers are maintained. They are valued trading partners and represent an important part of the business we do as corn farmers”.

In 2014, Illinois soybean production ranked first in the nation at 548 million bushels, which was a record high for the state.

Corn production in September is projected to be 99.2 million bushels statewide, down 1 percent from September 2014.