Gov. J.B. Pritzker announced Sept. 24 Taiwan has made a $2.2 billion commitment to purchase Illinois corn and soybeans over the next two years.
Illinois and Taiwanese associations signed two $1.1 billion agreements to purchase Illinois crops between 2020 and 2021, he said in a news release.
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 no secret that 2019 has been a hard year for Illinois farmers with a tough growing season and trade uncertainty,” said John Sullivan, director of the Illinois Department of Agriculture. “It’s good to know we have trade partners … who help provide some certainty when we need it most.”
Taiwan is Illinois’ third largest trading partner of agricultural products.