Taiwan signs letters of intent with Indiana ag groups to purchase $6 billion+ of corn, soybeans

INDIANAPOLIS — After a letter of intent was signed on Thursday with two Indiana agriculture organizations, Taiwan is expected to purchase more than $6 billion of corn and soybeans from the United States over the next four years.

According to a news release from the Indiana State Department of Agriculture, the Taiwan Feed Industry Association signed a letter of intent centered on corn purchases with the Indiana Corn Marketing Council as part of the Taiwan Agricultural Trade Goodwill Mission. A soybean-centered letter was signed between the Indiana Soybean Alliance and the Taiwan Vegetable Manufacturers Association.

The letter states that Taiwan will purchase nearly $2.12 billion of U.S. corn and corn products from 2026 to 2029. In that same amount of time, Taiwan is expected to purchase between $3.44 and $4.2 billion of U.S. soybeans.

“Selling our corn and soybeans around the world keeps Indiana’s farm economy strong,” said Lieutenant Governor Micah Beckwith, Indiana’s secretary of agriculture, in the release. “These agreements mean more markets for the crops our farmers work hard to grow, and they show that other countries count on Indiana to deliver quality corn and soybeans year after year.”

This comes after Indiana soybean farmers were struggling as trade tensions occurred between the U.S. and China, according to previous reports.

Officials said continuing to develop relationships and expand markets like Taiwan is “key for economic growth” for the Indiana agriculture industry. This comes as the relationship between Taiwan, the United States and Indiana has “grown significantly in various aspects in recent years.”

“For Taiwan, the U.S. is a reliable agricultural product market, which ensures food security as well as food supply chain resiliency,” said Wen-Jane Tu, Taiwan’s deputy minister of agriculture, in the release. “Taiwan firmly believes that the events today will further strengthen the rock-solid ties between Taiwan, Indiana and the U.S., based on our shared values of fundamental freedom and opportunity, fair trade, and a deep love of peace and prosperity for our people.”

The release said that the ceremony was witnessed by Indiana Gov. Mike Braun, Beckwith and Indiana State Department of Agriculture Director Don Lamb, who served as official signatories for Indiana.