INDIANA – Taiwan and Indiana have signed two Letters of Intent for the purchase of nearly $6.4 billion worth of U.S. corn and soybeans over the next four years. The agreements were signed today as part of the Taiwan Agricultural Trade Goodwill Mission, reinforcing a long-standing trade relationship.
The agreements, signed with the Indiana Corn Marketing Council and the Indiana Soybean Alliance, promise significant economic benefits for the state’s agricultural sector.
Key Details of the Agreement
- Corn: The Letter of Intent with the Indiana Corn Marketing Council commits Taiwan’s Feed Industry Association to purchase nearly $2.12 billion in U.S. corn and corn products from 2026 to 2029.
- Soybeans: The agreement with the Indiana Soybean Alliance pledges that Taiwan’s Vegetable Oil Manufacturers Association will buy between $3.44 billion and $4.2 billion of U.S. soybeans during the same period.
Lieutenant Governor and Indiana’s Secretary of Agriculture, Micah Beckwith, hailed the agreements as a win for the state’s economy. “These agreements mean more markets for the crops our farmers work hard to grow, and they show that other countries count on Indiana to deliver quality corn and soybeans year after year,” he said.
Strengthening Global Relationships
Both Indiana’s corn and soybean leaders highlighted the importance of these international partnerships. Tim Gauck, president of the Indiana Corn Marketing Council, noted that the deal is crucial in a “tough farm economy” and signals a continued interest in U.S. agricultural products. Similarly, Denise Scarborough, chair of the Indiana Soybean Alliance, called the agreement an “encouraging step” that reflects years of work to build long-term demand for U.S. soybeans.
The signing ceremony was attended by Governor Mike Braun, Lieutenant Governor Beckwith, and Indiana State Department of Agriculture Director Don Lamb.
Taiwan’s Deputy Minister of Agriculture, Wen-Jane Tu, underscored the strategic value of the partnership. “For Taiwan, the U.S. is a reliable agricultural product market, which ensures food security as well as food supply chain resiliency,” Tu said.
This year marks the 15th anniversary of the Taiwan Agricultural Trade Goodwill Mission, a biennial event dedicated to strengthening agricultural cooperation. Since its inception in 1998, these missions have facilitated the purchase of over 5.4 billion bushels of U.S. grains, totaling nearly $34.7 billion in value.
