Taiwan to buy U.S. corn, soybeans

by World Grain Staff
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DES MOINES, IOWA, U.S. — Iowa Gov. Terry Branstad, the Iowa Corn Growers Association, Iowa Soybean Association and Iowa Economic Development Authority on Sept. 30 hosted members of the Taiwan Agricultural Trade Goodwill Mission visiting Iowa to sign letters of intent for the purchase of soy and corn products.

At the signing ceremony set in the Iowa capitol rotunda, Branstad welcomed the delegation and read excerpts from the letters of intent, noting the long-term trade relations between Taiwan and the U.S.

"The signing of these agreements is important as it demonstrates the continued commitment of the Taiwan feed industry to purchase and utilize Iowa corn and soybeans," said Branstad. "As the fifth largest export market for both U.S. corn and soybeans, Taiwan remains an important agricultural market for Iowa and the U.S. We appreciate the friendships and business relationships that Iowa and Taiwan share and are honored by the delegation's visit to Iowa to sign these letters of intent to purchase."

The letters indicate purchases, by Taiwan, in 2012 and 2013 of 303 to 413 million bushels of U.S. corn expected to be worth between $2.47 billion and $3.39 billion and 103 million to 110 million bushels of U.S. soybeans estimated to be worth between $1.61 billion and $1.73 billion.

In 2010, Taiwan ranked as the sixth largest export market for U.S. agricultural products overall and, in terms of per capita consumption, is the world's second largest consumer of U.S. agricultural products.

The Taiwan Agricultural Trade Goodwill Mission delegation has also included visits to Washington, D.C., Virginia, Ohio, Indiana and Illinois during this visit to the U.S.
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