(WSIL) -- Illinois announced a letter of intent from Taiwanese leaders for the sale of approximately $2 billion of soybeans and $600 million of corn over the next two years.
The 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.
“This is a win for our agricultural community â€� and a testament to the labor that our farmers put in day and day out to make us a top global producer of corn and soybeans,â€Â�said Governor JB Pritzker. “I have no doubt that Illinois and Taiwan will continue to enjoy a mutually prosperous friendship for many years to come â€� and I am forever grateful for their partnership.â€�
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 U.S. is a primary source of crop imports for Taiwan, with Illinois ranking high among contributing states for corn and soybean exports. Taiwan continues to rank as Illinois� second leading corn trading partner and third leading partner in purchases of soybeans.
“Since first participating in Soybean Trade Missions in 1978, Taiwan has established itself as an important trading partner with the State of Illinois and its number one industry,â€Â�said Jerry Costello, Director of the Illinois Department of Agriculture. “Our trade relationship has only grown since, with Taiwan being our number two trading partner for corn and number three trading partner for soybeans. This partnership helps to keep Illinois as the top producer of soybeans in the US and the number two producer of corn. We look forward to working with Taiwan for years to come.â€�
