Farm Progress

Taiwan to buy $2.2 billion in U.S. corn, soybeans

Missouri signs letter of intent with Taiwan for corn and soybean purchasing.

Mindy Ward

October 2, 2017

2 Min Read
ESTABLISHING EXPORTS: Chris Chinn, Missouri Department of Agriculture director (left), signs a memorandum of understanding with Chin-Cheng Huang, Taiwan's deputy minister, Council of Agriculture, to purchase corn and soybeans from the U.S., including Missouri.

Taiwan will be purchasing more U.S. corn and soybeans over the next two years, totaling more than $2.2 billion.

Taiwanese government officials were part of a delegation that spent a week in Missouri visiting corn and soybean farmers, as well as biofuels facilities. At the end of trade mission, Taiwanese and Missouri government officials signed a memorandum of understanding that calls for the purchase of up to 107 million bushels of soybeans, 197 million bushels of corn and a half-million metric tons of distillers dried grains with solubles.

Under the agreement, the Taiwan Vegetable Oil Manufacturers Association intends to purchase between 96 million and 107 million bushels of soybeans between 2018 and 2019. The value of these purchases is estimated to be $1.1 billion to $1.2 billion. According to Chris Chinn, Missouri Department of Agriculture director, and Chin-Cheng Huang, Deputy Minister, Council of Agriculture in Taiwan, a significant amount of the purchase comes from Missouri.


ESTABLISHING EXPORTS: Chris Chinn, Missouri Department of Agriculture director (left), signs a memorandum of understanding with Chin-Cheng Huang, Taiwan's deputy minister, Council of Agriculture, to purchase corn and soybeans from the U.S., including Missouri.

Huang pointed to his country's strong trade partnership with Missouri that dates back to the 1980s, noting that the two share the same appreciation for people, culture and agriculture. He noted that in 2016, Taiwan purchased $65.4 million in U.S. goods and was one of the top seven overseas markets for U.S. agricultural exports since 1993.

Since 1990, Missouri has had a trade office in Taipei, Taiwan. The country, with a population of 23 million, purchased $13.7 million in grains from Missouri alone in 2016, according to Chinn. Taiwan is the 11th-largest export market for the state's agriculture products.

In addition to grain commodities, the Republic of China (Taiwan) Feed Industries Association pledges to purchase 5 million metric tons, or 197 million bushels, of corn, and 0.5 million metric tons of corn coproducts in the form of distillers dried grains over the next two years. The estimated value is a little over $1 billion.


TRADE RELATIONS: Members of the Taiwan agriculture trade mission wrapped up their time in the U.S. by signing a letter of intent to purchase corn and soybeans at the Missouri Department of Agriculture headquarters in Jefferson City. They were joined by representatives of Missouri's commodity and farm organizations.

The signing of the memorandum of understanding was the culmination of the Taiwan agriculture trade goodwill mission, facilitated in part by the National Corn Growers Association and the American Soybean Association.

"This is a great opportunity for Missouri," Chinn says. "We look forward to continuing our great relationship with Taiwan. On behalf of Missouri farmers and ranchers, we appreciate our relationship with you."

 

About the Author(s)

Mindy Ward

Editor, Missouri Ruralist

Mindy resides on a small farm just outside of Holstein, Mo, about 80 miles southwest of St. Louis.

After graduating from the University of Missouri-Columbia with a bachelor’s degree in agricultural journalism, she worked briefly at a public relations firm in Kansas City. Her husband’s career led the couple north to Minnesota.

There, she reported on large-scale production of corn, soybeans, sugar beets, and dairy, as well as, biofuels for The Land. After 10 years, the couple returned to Missouri and she began covering agriculture in the Show-Me State.

“In all my 15 years of writing about agriculture, I have found some of the most progressive thinkers are farmers,” she says. “They are constantly searching for ways to do more with less, improve their land and leave their legacy to the next generation.”

Mindy and her husband, Stacy, together with their daughters, Elisa and Cassidy, operate Showtime Farms in southern Warren County. The family spends a great deal of time caring for and showing Dorset, Oxford and crossbred sheep.

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