Taiwan Strikes Deal For Hoosier CropsPosted: Updated:
Taiwan is one step closer to sealing a pact to purchase Indiana corn and soybeans. The Indiana Corn Marketing Council and Indiana Soybean Alliance have signed letters of intent with the country. July 18, 2014
Indianapolis, Ind. -- The Indiana Corn Marketing Council and Indiana Soybean Alliance signed Letters of Intent on June 25 with Taiwanese representatives to purchase Indiana corn and soybeans. The letters were signed during the Lt. Governor Sue Ellspermann’s recent trade mission to Asia.
“Taiwan is an important market for Indiana soybean farmers because of their desire for high-quality agricultural products,” said Shelley McDaniel, treasurer of Indiana Soybean Alliance and farmer from Boonville, Ind. “The Letter of Intent we signed with the Taiwan Vegetable Oil Manufacturers Association demonstrates our mutual desire for a continued trade relationship.”
Since 2009, Taiwan has received an average of 56 percent of their soybean imports and 49 percent of their corn imports from the United States. ISA and ICMC are seeking to grow Indiana’s share of Taiwanese imports through directly building trade relationships with Taiwanese agricultural leaders with the support of Indiana government.
“Our recent Trade Mission to Asia was focused on expanding markets for Indiana agriculture products. I was very pleased that we were able to facilitate the signing of two significant Letters of Intent,” said Lt. Gov. Sue Ellspermann. “The first was between the Taiwan Vegetable Oil Manufacturers Association and the Indiana Soybean Alliance that commits to the purchase of at least seven million bushels of Indiana soybeans over the next two years. The second was between the Indiana Corn Marketing Council and the Taiwan Feed Industry Association that committed to a purchase of 22 million bushels of corn in 2015 and 2016.”
“The Indiana Soybean Alliance and the Indiana Corn Marketing Council represent an important parts of Indiana agriculture, and I am proud to promote our soybean and corn products to both domestic and international customers,” Ellspermann added.
Ranked the seventh largest market for U.S. agricultural products, Taiwan is one of the world’s largest consumers of U.S. agricultural products on a per capita basis. Taiwan has consistently imported more than $3.5 billion dollars of U.S. farm products annually.
“Taiwan is a strategic partner for Indiana agriculture and specifically for Indiana corn and soybean farmers,” said Ted McKinney, director of the Indiana State Department of Agriculture. “ISDA is pleased to support Indiana Soybean Alliance and Indiana Corn Marketing Council in their efforts to strengthen trade relations with the Taiwan Vegetable Oil Manufacturers Association and Taiwan Feed Industry Association.”
In addition to Taiwan, the trade delegation visited Japan and South Korea during the 12-day trip which ended on June 27.
“The Letter of Intent we signed with the Taiwan Feed Industry Association signifies the value ICMC board places on maintaining our trade partnership,” said Dennis Maple, president of ICMC. “Our partners abroad are important to the Indiana corn and soybean industries, and we appreciate Taiwan’s continued support of our industries.”
Source: Indiana Corn Marketing Council and Indiana Soybean Alliance