Taiwan to Purchase $600 Million Worth of Corn Products from Iowa

Larry Buss, President of the Iowa Corn Promotion Board® (ICPB) met with representatives of the Taiwan Feed Industry Association, Governor Kim Reynolds and Secretary of Agriculture Mike Naig to sign a letter of intent to purchase $600 million worth of corn products between 2023 and 2024. This agreement includes 1.5 million metric tons (MT) (59 million bushels) of corn and 250 thousand MT (9.8 million bushels) of corn products (DDGS or distillers dried grains and solubles).

Taiwan and Iowa have a longstanding relationship and this letter of intent is a testament to their friendship and mutually beneficial trade commitments. Because of our high-quality produce, the U.S. remains one of Taiwan’s largest sources of agricultural products, supplying more than one-fifth of the country’s major agricultural imports including $72.1 million worth of corn in 2021.  We expect Taiwan to remain a consistent partner of Iowa corn farmers.

“As a part of the Iowa Corn Promotion Board’s mission we strive to develop opportunities to help open markets for Iowa corn farmers,” stated ICPB President Larry Buss, a farmer from Logan, Iowa. “Letters of intent allow us to share our bounty with great corn customers, like Taiwan, and mean a great deal for Iowa corn farmers in terms of market opportunity and development.”

The terms, quantities, prices and conditions for the purchase and sale of corn and corn coproducts will be negotiated privately between the individual importers and suppliers. Future purchases of corn may differ from those set out in the letter of intent.

For More Information:

Rachel Zumbach, Public Relations Manager, rzumbach@iowacorn.org, 515-225-9242

Related Articles

News & UpdatesNews
Iowa Corn Growers Association Shows Strength in Numbers at Day on the Hill Event
March 28, 2024
Iowa Corn Growers Association Shows Strength in Numbers at Day on the Hill Event

Iowa Corn Growers Association (ICGA) members filled the State Capitol rotunda yesterday for the “Iowa Corn Day on the Hill” lobbying event to share what matters most to them and their family farms. The delegation included ICGA board members, county leaders, grassroots members and FFA students from across the state. While in attendance, corn farmers...

News & UpdatesNews
Default news thumbnail
March 2, 2024
Iowa Corn Farmers Attend Commodity Classic in Houston

Iowa Corn farmer-leaders participated in the 2024 Commodity Classic in Houston, Texas. The delegation from Iowa consisted of Iowa Corn directors, Iowa Corn farmer voting delegates and alternates, Iowa Corn Collegiate Advisory Team members, and grassroots leaders. A key task for the Iowa Corn Growers Association (ICGA) at Commodity Classic is advocating in support of policies and...