Taiwan set to buy $39 million in Illinois corn, soybeans

June 1, 2002

As part of a "larger import effort," Taiwan is set to buy nearly $39 million in Illinois corn and soybeans next year. In an agreement with the Illinois Department of Agriculture, a nine-member Taiwanese delegation pledged to purchase the corn along with $2 million of Illinois soybeans. Most of the corn Taiwan imports each year is used to feed livestock, while a smaller amount is used to produce ethanol. The two-year contract, signed this month, is part of a total Taiwanese commitment to buy 378 million bushels of U.S. corn by the end of 2003, said Paul Sun, chairman of Taiwan Grains & Feeds Development Foundation.

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