Home Trade association Illinois signs $2.6 billion grain pact with Taiwan

Illinois signs $2.6 billion grain pact with Taiwan

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Taiwan has agreed to buy $2.6 billion worth of grain from Illinois farmers over the next two years.

A letter of intent from Taiwanese leaders to buy about $2 billion in soybeans and $600 million in corn in 2023 and 2024 was signed on Friday, according to an announcement by Governor JB Pritzker. The deal follows a two-year deal signed in 2019 for more than $2.2 billion in crop sales.

The letters commit Taiwan to purchase between 96 million and 107 million bushels of soybeans and 59 million bushels of corn, in addition to other corn by-products.

“Trade is vital to Illinois’ 43,000 soybean growers, with approximately 60% of the nearly 672 million bushels of Illinois-grown soybeans exported, worth an estimated $4 billion to $5 billion. said Steve Pitstick, president of the Illinois Soybean Association.

Pritzker, U.S. Senator Tammy Duckworth, representatives from the Taipei Economic and Cultural Office in Chicago, and the Taiwanese Ministry of Agriculture signed the letters of intent with the Illinois Corn Marketing Board, Illinois Soybean Association, Taiwan Feed Industry Association and the Taiwan Vegetable Oil Manufacturers Association.

Taiwan and Illinois have a long history of trade and agricultural partnership. Taiwan is Illinois’ second-largest corn trading partner and third-largest soybean buying partner.

“We are grateful for the unique relationship between Illinois and Taiwan soybean growers and look forward to working together to support global trade,” Pitstick said.