Taiwanese delegation sign letters of intent to purchase Illinois corn and soybeans

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[September 20, 2015]  SPRINGFIELD - Today members of an agricultural mission from Taiwan joined Governor Bruce Rauner and Director of Agriculture Philip Nelson to sign letters of intent to purchase Illinois corn and soybeans in 2016 and 2017.

“We thank Taiwan for their continued support of the state’s agriculture industry,” said Governor Bruce Rauner. “Agriculture helps our state secure a strong position in the global economy. We look forward to a long, continued relationship with our friends from Taiwan so that together we can help feed the world.”

The 18–member delegation is visiting several states to demonstrate goodwill to further a long-standing trade relationship between Taiwan and the United States. The letters were signed at the Harford family farm in Mazon between representatives from the Illinois Corn Marketing Board and Taiwan Feed Industry Association and Illinois Soybean Association and Taiwan Vegetable Oil Manufacturers Association.

“Today’s ceremony speaks volumes for the strength of the corn and soybean industries in Illinois,” said Director Philip Nelson. “Over half of Illinois’ corn and soybean crops are exported each year and we want to continue to grow our exports by working with important trade partners such as Taiwan.”

"The United States remains one of Taiwan's largest sources of agricultural products, regularly supplying one-fourth of our overall agricultural imports,” said Deputy Minister, Council of Agriculture, Mr. Chen-taung Wang. “As of 2014, Taiwan was the seventh-largest market for U.S. agricultural products worldwide, making it one of the world's largest consumers of U.S. farm goods on a per-capita basis. Taiwan also ranks as the seventh-largest market for U.S. corn and the fifth-largest market for U.S. soybeans."

The Taiwan Vegetable Oil Manufacturers Association signed a letter of intent to purchase between 96 million and 107 million bushels of soybeans in 2016 and 2017 from the U.S. The value of these purchases is estimated to be between $1.13 billion and $1.26 billion. It’s believed that based off current market prices Illinois stands to bring in an estimated $133 million thanks to Taiwan’s purchase of Illinois soybeans.

“Taiwan represents one of the top three export markets for Illinois soy, which we have seen firsthand,” said Daryl Cates, Chairman of Illinois Soybean Association from Columbia, Illinois. “The Illinois Soybean Association is committed to growing our relationships with our customers in Taiwan and value their support. Today’s signing ceremony represents the next step in this growing partnership.”

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The Taiwan Feed Industry Association signed a letter of intent to purchase 197 million bushels of corn and 0.5 million metric tons of corn co-products in the years of 2016 and 2017 from the U.S. The value of these purchases is estimated to be about $1.23 billion. Illinois’ share of that, based off current market prices, is an estimated $116 million.

“Many corn farmers in Illinois have had some challenging weather this year, but we’re on track to harvest a high quality corn crop that’s waiting to be exported,” said Jim Raben, Illinois Corn Marketing Board Chairman from Ridgway, IL. “It’s always important to maintain and grow our relationships with such markets as Taiwan. They are valued trading partners and represent an important part of the business we do as corn farmers.”

The group also toured a northern Illinois farm and an Elburn Cooperative grain elevator facility in Morris. The barge loading and truck receiving facility has the capacity to store 685,000 bushels of grain.

In 2014, Illinois soybean production ranked first in the nation at 548 million bushels, which was a record high for the state. Additionally, corn production ranked 2nd in the nation at 2.35 billion bushels, topping the previous record of 2.28 billion bushels in 2007.

[Illinois Department of Agriculture]

 

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