Taiwan to buy $1.5 billion worth of Iowa, US soybeans

DES MOINES, Iowa-  A trade delegation from Taiwan signed documents today (Monday) at the Iowa State Capitol, to purchase 37-percent more soybeans from Iowa and other soybean producing states.  The agreement would entail approximately $1.5 billion in soybean sales.

Iowa Soybean Association President-elect, Tim Bardole of Greene County issued a statement:

Today’s announcement by our Taiwanese trading partners to increase purchases of U.S. soybeans is welcomed news. As an Iowa soybean farmer, I can say firsthand that we need some good news. Soybean harvest is underway in Iowa and across the nation. This year is expected to be a record yield. We’re good at growing soybeans. Iowa and U.S. farmers are also committed to ensuring that we’re a reliable supplier and that our soybeans are of the highest quality. Taiwan knows this, evident by their intention to increase imports of U.S. soybeans by 37 percent compared to last year. Agricultural trade is a great uniter. As an industry, we celebrate and recognize the importance of events like this and welcome the opportunity to do business with Taiwan and other key trading allies moving forward.

Positive developments in trade continue today with the announcement of a potential new free trade agreement as it relates to Canada. The Iowa Soybean Association looks forward to hearing more details on this agreement as they become available. Broadening agricultural markets and expanding trade is positive for Iowa’s economy and soybean farmers. 


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