Taiwan to Buy Billions in Midwest Corn, Soyeans

By: Associated Press
By: Associated Press

MADISON, Wis. (AP) -- Taiwan has agreed to purchase billions of dollars' worth of corn and soybeans from six U.S. states in the next two years.

Taiwanese officials signed letters of intent Thursday at a Madison news conference with Gov. Scott Walker.

Taiwan pledged to buy between 103 million and 110 million bushels of soybeans in 2012-13, with the value expected to range from $1.61 billion to $1.73 billion.

The officials also agreed to buy 303 million to 413 million bushels of corn over that period, plus up to 750,000 bushels of corn by-products. That deal could be worth an estimated $2.5 billion to $3.4 billion.

A Wisconsin agriculture spokeswoman says the deals involve exporters in Illinois, Indiana, Iowa, Ohio, Virginia and Wisconsin. She says the specific breakdowns by state are to be determined.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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