$6.4B corn, soybean export deal with Taiwan

INDIANAPOLIS — Taiwan intends to purchase $6.4 billion of U.S. corn and soybeans over the next four years, according to two letters of intent signed with the Indiana Corn Marketing Council and the Indiana Soybean Alliance.

Specifically, the Taiwan Feed Industry Association will purchase $2.12 billion of U.S. corn and corn products.

The Taiwan Vegetable Oil Manufacturers Association will purchase between $3.44 billion and $4.2 billion of U.S. soybeans.

“Relations between Taiwan, the U.S. and, specifically, Indiana have grown significantly in various aspects in recent years,” said Dennis Yen-Feng Lei, director general of the Taipei Economic and Cultural Office in Chicago.

“Taiwan and the U.S. are strong partners in security, economy and trade cooperation, and we share common values and complementary ties.”

The Taiwan Agricultural Trade Goodwill Mission is held biennially, focusing on building relationships and strengthening cooperation.

Since 1998, 5.4 billion bushels of U.S. grains worth nearly $34.7 billion has been achieved through the trade missions.

“As a farmer, I see this as an encouraging step because we are always looking to strengthen existing export markets and open the door to new ones,” said ISA Chair Denise Scarborough, a farmer from La Crosse in northwest Indiana.

What They Said

“Selling our corn and soybeans around the world keeps Indiana’s farm economy strong. These agreements mean more markets for the crops our farmers work hard to grow, and they show that other countries count on Indiana to deliver quality corn and soybeans year after year.”

Micah Beckwith, Indiana lieutenant governor and secretary of agriculture and rural development

“It’s a tough farm economy right now. That’s why the farmer leaders on our corn checkoff board guide investments that move corn in all forms to customers worldwide. This letter of intent from Taiwan signals continued interest in purchasing U.S. corn and beef, which is good news for farmers. Corn, of course, is a major feed source for U.S. beef, so international demand for both is a win-win for our corn growers. This reinforces why our checkoff invests in growing and maintaining strong relationships in global markets.”

Tim Gauck, president

Indiana Corn Marketing Council

“Grain exports added more than $3 billion in value to Indiana’s economy in 2023. Continuing to develop relationships and expand current markets like Taiwan is key for economic growth for Indiana farmers, especially in today’s farm economy.”

Don Lamb, director

Indiana State Department of Agriculture

“For Taiwan, the U.S. is a reliable agricultural product market, which ensures food security, as well as food supply chain resiliency. Taiwan firmly believes that the events today will further strengthen the rock-solid ties between Taiwan, Indiana and the U.S., based on our shared values of fundamental freedom and opportunity, fair trade and a deep love of peace and prosperity for our people.”

Wen-Jane Tu, Taiwan deputy minister of agriculture