Taiwan Agrees to Purchase American-grown Corn and Soybeans at Indiana Statehouse
A delegation from Taiwan was at the Indiana Statehouse Monday morning signing agreements to purchase millions of metric tons of American-grown corn and soybeans. The Taiwan Feed Industry Association (TFIA) agreed to buy 5 million metric tons, or approximately 197 million bushels of corn and 500,000 metric tons of corn co-products, such as distillers dried grains with soluables (DDGs), between 2020 and 2021.
Madison County farmer Joshua Miller is an Indiana Corn Marketing Council Board Director and Director for the US Grains Council. He says that while this isn’t a huge dent in the oversupply farmers are facing, it is significant.
“It shows that we do value our relationship with our trading partners in Taiwan, and when trade works the world wins. It’s a good relationship for both parties. We want a long-term relationship and by hosting their delegation here hopefully we’ve accomplished that.”
The Taiwan Vegetable Oil Manufacturers Association (TVOA) intends to buy between 2.6-2.9 million metric tons, equivalent to 96-97 million bushels, of soybeans in 2020 and 2021. The value of these purchases is estimated to be between $1 billion to $1.1 billion.
Indiana Soybean Alliance Board Director Phil Ramsey from Shelbyville told HAT, “Just like any business, we need every customer that we can get, and we need to keep their business and increase their business. Taiwan is a good customer and a loyal customer. We’re glad that they’re buying our corn and soybeans. Just an exciting day to be with them.”
Lt. Governor Suzanne Crouch was on hand to witness the signing of the agreements and touted the strong relationship between Indiana and Taiwan. The Taiwanese delegation rounded out the day touring the Statehouse and Corteva Agriscience in Indianapolis.