Taiwan commits to purchase US$4 billion of US grain over two years

WASHINGTON - The Taiwan Feed Industry Association on behalf of the Taiwanese Agricultural Goodwill Mission HAS signed a letter of intent with the US Grains Council committing to the purchase five million metric tonnes (197 million bushels) of US corn in 2014 and 2015. In addition, 0.5 million tonnes of distiller’s dried grains with solubles (DDGS) will be included in the memorandum.

The total value of intended purchases is estimated to be nearly US$4 billion. “Over the last 40 years, Taiwan has been one of the most import export markets for US coarse grains and products,” said Julius Schaaf, USGC Chairman. “With Taiwan producing less than 1% of its grain needs, the United States is able to be a major supplier. In 2011-2012, Taiwan was the sixth-largest US corn market, the third-largest US barley market and the seventh-largest US sorghum market.” www.grains.org (ATI).