Taiwan Commits to Purchasing Illinois Corn and Soybeans; 2.2 Billion Dollar Deal

By Neil Doyle

Gov. JB Pritzker announced Tuesday that Taiwan has made a $2.2 billion commitment to purchase Illinois corn and soybeans over the next two years.

“Illinois corn and soybean producers have cultivated a world-class industry with customers in all parts of the world, and this $2.2 billion commitment is a testament to their dedication and hard work,” said Pritzker.

The Illinois Corn Marketing Board and the Taiwan Feed Industry Association signed a letter of intent marking Taiwan’s intentions to buy 5 million metric tons (equivalent to 197 million bushels) of corn and 0.5 million MT of corn co-products (distiller’s dried grains with solubles).

The Taiwan Vegetable Oil Manufacturers Association and the Illinois Soybean Association signed a letter of intent marking Taiwan’s intentions to buy between 2.6 million and 2.9 million MT (equivalent to between 96 million and 97 million bushels) of soybeans.

“It’s good to know we have trade partners like the Taiwan Vegetable Oil Manufactures Association and the Taiwan Feed Industry Association who help provide some certainty when we need it most,” said John Sullivan, Director of the Illinois Department of Agriculture.

Illinois is the top soybean producing state and second largest producer of corn in the nation.  Taiwan is Illinois’ third largest trading partner of agricultural products.

Neil Doyle can be reached at neil.doyle@cumulus.com