The Taiwan Feed Industry Association on behalf of the Taiwanese Agricultural Goodwill Mission Tuesday signed a letter of intent with the U.S. Grains Council committing to purchase 197 million bushels of U.S. corn in 2014 and 2015.
In addition, 0.5 million tons of distiller's dried grains with solubles will be included in the memorandum.
"Over the last 40 years, Taiwan has been one of the most import export markets for U.S. coarse grains and products," said Julius Schaaf, USGC chairman. "With Taiwan producing less than one percent of its needed grains, the United States is able to be a major supplier to the nation."
Schaaf explained that in 2011-2012, Taiwan was the sixth-largest U.S. corn market, the third-largest U.S. barley market and the seventh-largest U.S. sorghum market.
"The Council is proud of the partnership we have had with Taiwan for many years and are excited for the possibilities that continue to grow from this partnership," he said.
Even though U.S. agriculture exports to Taiwan are facing increasing competition from other suppliers, USGC said it is working to provide objective market information and assure the Taiwanese of the quality of U.S. coarse grains and products.
Through this relationship, Taiwan has remained one of the most stable markets for U.S. agriculture, USGC said.