FOR IMMEDIATE RELEASE CONTACT: Tricia Braid
SPRINGFIELD, Ill. – Illinois farmers sealed a two-year deal today with a team of Taiwanese grain buyers to source corn from Illinois.
Formalizing the agreement, Illinois Corn Marketing Board (ICMB) Chairman Bill Christ signed a Letter of Intent with the Taiwan Feed Industry Association in a ceremony at the Abraham Lincoln Presidential Library and Museum.
Representatives from the Department of Agriculture hosted the 22-member trade delegation as part of a goodwill mission designed to further a long-standing trade relationship.
“Illinois farmers are pleased and encouraged by the sale of Illinois corn and corn products to the Taiwanese,” said Christ. “Even though this has been a tough year, Illinois farmers remain reliable producers, and Taiwan continues to be a valued customer.”
“I’ve traveled to Taiwan and it’s a beautiful country with very hospitable people. Events like this cement those personal relationships and friendships that build the foundation for many years of a valuable business relationship,” Christ added.
In 2010, Taiwan ranked the fifth-largest market for U.S. corn. Illinois corn farmers are particularly interested in export markets as over half the corn grown in Illinois leaves the state on the rail and river transportation systems.
The Letter of Intent signed today spells out the that Taiwan Feed Industry Association plans to purchase a total of 7.7 million to 10.5 million metric tons (303 million to 413 million bushels) of corn and a total of 0.5 million to 0.75 million metric tons of corn by-products in 2012 and 2013. The total market value of these purchases is expected to top $3 billion dollars.