A delegation of grain buyers and other industry members visited Washington, D.C. recently and signed letters of intent to purchase U.S. corn and dried distillers grains with solubles, according to an article by the U.S. Grains Council (http://bit.ly/…).
The trip was part of a biennial visit aimed at strengthening economic ties between Taiwan and the U.S.
Signed during a special ceremony, the letters of intent committed to nearly $3 billion in sales by 2017: 5 million metric tons of U.S. corn and 0.5 million tons of U.S. DDGS valued at $1.23 billion.
In the 2014-2015 marketing year, Taiwan was the sixth largest buyer of U.S. corn, the third largest buyer of U.S. barley, and one of the top buyers of U.S. DDGS.
The Council believes the letter of intent is evidence of Taiwan's commitment to maintaining its trade partnership with the U.S.
Council Chairman Alan Tiemann said, "This mission helps maintain an open dialogue between U.S. and Taiwanese government officials, traders and end-users, which is key to maintaining a healthy trade relationship with this top buyer."
Besides meeting with the Council, the Taiwanese delegation also met with U.S. Wheat Associates, the U.S. Soybean Export Council, the National Grain and Feed Association and U.S. government officials, as well as touring U.S. farms and grain elevators in Iowa, Illinois, Kentucky and Minnesota.
Cheryl Anderson can be reached at Cheryl.firstname.lastname@example.org.
© Copyright 2015 DTN/The Progressive Farmer. All rights reserved.