Leaders from Taiwan’s Feed Industry Association have signed a formal letter of intent announcing plans to purchase between 7.7 million metric tons and 10.5 million tons (303 to 413 million bushels) of U.S. corn and a half to three-quarters of a million tons of corn co-products such as distillers dried grains and corn gluten in 2012 and 2013.
"For U.S. farmers, Taiwan is a long-established and deeply valued customer and partner," said U.S. Grains Council Past Chairman Terry Vinduska. "Taiwan is the sixth-largest export market for U.S. agriculture, and our fifth-largest corn market." The value of the Taiwanese corn purchase commitment is estimated to total from $2.47 billion to as much as $3.39 billion.
The Taiwanese delegation, which also included representatives from Taiwan’s oilseed processing association and flour millers’ association, signed similar letters outlining their intent to purchase 3 to 3.2 million tons (110-118 million bushels) of U.S. soybeans and 1.7 million tons (62 million bushels) of U.S. wheat.
Taiwan, with the second-highest per-capita consumption of U.S. agricultural products in the world, imported 2.4 million tons (94 million bushels) of U.S. corn in the 2010/2011 market year.