Today, Illinois Soybean Growers (ISG) Chairman Daryl Cates joined Illinois Gov. Bruce Rauner and a delegation of 21 Taiwanese soy industry representatives to sign a Letter of Intent to purchase Illinois soybeans and their products. This letter is evidence of the consistent quality of Illinois soybeans and reinforces Taiwan’s commitment to the Illinois soybean industry. ISG continues to build strong relationships with soy importers in Taiwan, a top three export market for Illinois soy.
In the letter, the Taiwan Vegetable Oil Manufacturers Association (TVOA) agreed to purchase between 2.6 million and 2.9 million MT (equivalent to between 96 million and 107 million bushels) of soybeans in 2016 and 2017 from the U.S. The value of these purchases is estimated to be between $1.13 billion and $1.26 billion USD.
The signing drew a group of stakeholders representing Illinois agriculture and Taiwanese soy customers. Attendees included Rauner, Illinois Agriculture Director Philip Nelson, Taiwan Vegetable Oil Manufacturers Association representatives, Taiwanese feed industry representatives and representatives of Illinois agriculture including Cates and ISG CEO Craig Ratajczyk.
“Today’s signing ceremony represents the next step in our growing partnership with Taiwan,” says Cates, a farmer-leader from Columbia, Illinois. “The soybean industry’s success is tied to our ability to form such strong trade relationships with our customers overseas. The Illinois Soybean Growers is committed to growing these relationships, and we value the support of our importers in Taiwan.”
In recent years, ISG directors and staff, have traveled twice to Taiwan. The first trip was focused on the containerized movement of soybeans between our two countries. During the second trip this summer, ISG board members and staff met with crush plants, importers, marketers and processors, all with the goal of understanding how Illinois soybeans meet Taiwan’s needs. The trip also showcased the advantages of Illinois soybeans and soy products, reconfirming Illinois’ commitment to high quality, sustainable soybeans and a dependable supply.
As part of the event, members of the Taiwanese delegation toured local farms and elevators to experience Illinois agriculture firsthand.
Illinois Soybean Growers (ISG) is a membership organization serving more than 43,000 Illinois soybean growers. ISG provides advocacy in Springfield and Washington, D.C., to promote the interests of Illinois soybean farmers and programs that enhance soybean production and demand. Voice for Soy, the online action center supported by ISG, allows growers to easily connect with legislators and regulators to advocate for Illinois agriculture. For more information about ISG, visit the website www.ilsoygrowers.com.
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