Taiwan officials signed letter of intent to buy Illinois corn and soybeans in 2016 and 2017, according to a news release issued by the Illinois Department of Agriculture.
Gov. Bruce Rauner and Director of Agriculture Philip Nelson were present for the formal announcement, which took place at the Harford family farm in Mazon, in Grundy County.
“We thank Taiwan for their continued support of the state’s agriculture industry,” said Governor Bruce Rauner in a press statement. “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.”
Nelson added in a press statement: “Today’s ceremony speaks volumes for the strength of the corn and soybean industries in Illinois. 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 Taiwan group will 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.
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.