SPRINGFIELD, Ill. — Taiwan has made a $2.2 billion commitment to purchase Illinois corn and soybeans over the next two years, Gov. J.B. Pritzker announced Tuesday.
Illinois and Taiwanese associations signed two $1.1 billion agreements to purchase Illinois crops between 2020 and 2021.
“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 to their dedication and hard work,” said Pritzker. “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.”
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).
Taiwan is Illinois’ third-largest trading partner of agricultural products.
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.
Illinois is the top soybean-producing state and second-largest producer of corn in the nation, exporting more than 360 million bushels of whole soybeans annually and an average of 877 million bushels of corn.