Taiwan trade delegates visiting Iowa pledge to buy nearly $3 billion of U.S. corn, soybeans

Taiwan pledges to buy nearly $3 billion in U.S. corn and soybeans

 

Donnelle Eller and Ian Richardson, Des Moines Register (IA)

Sep 21, 2022

 

Key Points 

 

·         Taiwan will buy nearly $3 billion in U.S. corn and soybeans.

·         Trade delegates announced the planned purchases in a ceremony at the Iowa Capitol.

·         That's good news for Iowa farmers, national leaders in growing the two crops.

·         Taiwan is Iowa's 12th largest trade partner.

 

Taiwanese trade officials agreed Tuesday to buy nearly $3 billion of U.S. corn and soybeans at a ceremony with Gov. Kim Reynolds and Iowa farm leaders at the Iowa State Capitol.

 

Members of the Taiwan Agricultural Trade Goodwill Mission signed letters of intent to buy between 96 million and 107 million bushels of U.S. soybeans and 59 million bushels of corn between 2023 and 2024.

 

Reynolds said the purchases, valued at $2.6 billion, are good for the state, the nation's largest corn grower and second-largest soybean producer.

 

Taiwan's purchases are "powerful proof of Iowa farmers’ global reputation for high-quality agricultural production — and the enormous benefits that flow to our economy as a result," said Reynolds in a statement.

 

Iowa Agriculture Secretary Mike Naig said the agreements are significant. "You're talking $2 billion worth of soybean purchases," Naig told reporters after the signing. "You're talking of nearly a billion dollars' worth of corn purchases. ... Those things add up over time."

 

How Iowa, U.S. soybean exports work ...

 

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https://www.desmoinesregister.com/story/money/agriculture/2022/09/21/taiwan-nearly-3-billion-purchase-corn-soybeans-helps-iowa-farmers/10434199002/