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Tue Sep 24, 2019, 02:19 AM

Taiwan commits to buying soybeans and corn from Indiana farmers

INDIANAPOLIS—Two Taiwanese business associations have agreed to buy millions of metric tons of Indiana corn and soybeans over the next two years in deals worth more than $2 billion.

The Taiwan Feed Industry Association and the Taiwan Vegetable Oil Manufacturers Association signed an agreement Monday with directors of the Indiana Soybean Alliance (ISA) and the Indiana Corn Marketing Council (ICMC) to commit to the purchases.

“International trade is essential to the economic viability of Indiana corn farmers,” said ICMC President Mike Beard, a farmer from Frankfort. “We thank the delegation from Taiwan for coming here, recognizing the quality of the crops that we grow and signing this agreement. We hope to work with them for many years to come.”

The Taiwan feed association agreed to buy five million metric tons—about 197 million bushels—of corn and 500,000 metric tons of corn co-products. The estimated value of this agreement is $1.1 billion.

Read more: http://thestatehousefile.com/taiwan-commits-buying-soybeans-corn-indiana-farmers/39992/

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