Pritzker announces commitment from Taiwan to purchase $2.6B in soybean, corn over next two years

Published: Sep. 23, 2022 at 2:14 PM CDT
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(25 News Now) - Governor JB Pritzker announced Friday announced letters of intent alongside Taiwanese leaders and dignitaries for the sale of approximately $2 billion of Illinois soybeans and $600 million of Illinois corn over the next two years. This agreement follows a 2019 two-year agreement for over $2.2 billion in crop sales.

The intended sales will take place over 2023 and 2024.

“Not only does today’s ceremony demonstrate Taiwan’s commitment to investing in Illinois’s agriculture, it also means more opportunities for Illinois’s farmers, more good jobs in our state and a continued economic relationship with Taiwan,” U.S. Senator Tammy Duckworth said in a release.

The letters commit to the sale and purchase of between 96 million and 107 million bushels of soybeans and 59 million bushels of corn, in addition to other corn byproducts.

The letters were signed by Pritzker, Duckworth, representatives of the Taipei Economic and Cultural Office in Chicago, and the Taiwanese Department of Agriculture between the Illinois Corn Marketing Board, Illinois Soybean Association, Taiwan Feed Industry Association, and the Taiwan Vegetable Oil Manufacturers Association.