The Taiwan Feed Industry Association has committed to purchase 5 million metric tons of U.S. corn in 2014 and 2015.
The commitment came as part of a letter of intent signed with the U.S. Grains Council on Wednesday. It also calls on the Tiawanese association to purchase 500,000 tons of distiller’s dried grains with solubles (DDGS).
The total value of intended purchases is estimated to be nearly $4 billion, USGC said.
“Over the last 40 years, Taiwan has been one of the most import export markets for U.S. coarse grains and products,” said Julius Schaaf, USGC chairman, in a statement. “With Taiwan producing less than one percent of its needed grains, the United States is able to be a major supplier to the nation. In 2011-2012, Taiwan was the sixth-largest U.S. corn market, the third-largest U.S. barley market and the seventh-largest U.S. sorghum market.” - Eric Johnson