A new trade deal struck between the state of Illinois and Taiwan will see $2.2 billion worth of Illinois corn and soy bean crossing the Pacific Ocean over the next two years.
“Illinois corn and soybean producers have cultivated a world-class industry with customers in all parts of the world, and this $2.2 billion commitment is a testament of their dedication and hard work,” said Illinois Governor J.B. Pritzker in a press release from his office. “When Illinois’ agricultural economy thrives, so do working families all across the state.
“I’m committed to supporting our state’s leading industry and opening up new opportunities for our farmers to sell their goods and make a good living.”
“Taiwanese associations,” as they are described in the governor’s press release, have signed two $1.1 billion agreements to purchase Illinois corn and soy bean crops between the years 2020 and 2021.
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.
Darren Bailey, Representative of Illinois’ 109th District in the State House of Representatives, expressed excitement at the trade agreements between Illinois and the various Taiwanese entities.
“Illinois is the top soybean producing state and the second largest producer of corn in the United States,” added Bailey, a member of the Agriculture and Conservation Committee in the Illinois House. “Illinois exports over 360 million bushels of soybeans and 870 million bushels of corn annually.
“This newest trade agreement continues an important relationship since Taiwan is Illinois' third largest trading partner of agricultural products.”
For the rest of the story, check out this week's Navigator.