Wisconsin Ag Connection - Taiwanese Ag Trade Delegation to Purchase WI Corn, Soybeans

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Taiwanese Ag Trade Delegation to Purchase WI Corn, Soybeans
Wisconsin Ag Connection - 09/30/2011

Members of the Taiwan Agricultural Trade Goodwill Mission have agreed to purchase billions of dollars worth of crops from six U.S. states over the next two years, including Wisconsin. On Thursday, the group signed letters of intent in Madison during a meeting with Governor Scott Walker and other dignitaries. The deal calls for the country to buy between $4.1 billion and $5.12 billion of locally-grown corn and soybeans from Wisconsin, Illinois, Indiana, Iowa, Ohio and Virginia.

The group said in its pledge that it needs between 103 million and 110 million bushels of soybeans in 2012-13, with the value expected to range from $1.61 billion to $1.73 billion. They also intend to purchase 303 million to 413 million bushels of corn over that period, plus up to 750,000 bushels of corn by-products. That deal could be worth an estimated $2.5 billion to $3.4 billion.

"Trade agreements like this between Taiwan and Wisconsin are an important part of what both countries must do to remain competitive in our global economy," Governor Walker said. "Taiwan was Wisconsin's largest export market for corn and fourth largest export market for soybeans last year. It is important to maintain strong relations with our sister state of Taiwan, and I thank members of the delegation for their visit to our great state."

The purpose of the Taiwanese delegation's visit is to strengthen import and export relations between Taiwan and the United States.

The Governor's Office says this is the first ever stop in Wisconsin for the Taiwan Agricultural Trade Goodwill Mission.

Most of Wisconsin's shipments for corn and soybeans will be used to feed Taiwan's dairy cattle.

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