Illinois announces agreement in $2.6 billion agricultural deal with Taiwan

CHICAGO — Via a letter of intent, Governor Pritzker announced alongside Taiwanese leaders for the sale of about $2 million of Illinois soybeans and $600 million of Illinois corn over the next two years.

The intended sales will take place over 2023 and 2024.

“This is a win for our agricultural community — and a testament to the labor that our farmers put in day and day out to make us a top global producer of corn and soybeans,” said Governor JB Pritzker.

“I have no doubt that Illinois and Taiwan will continue to enjoy a mutually prosperous friendship for many years to come — and I am forever grateful for their partnership.”

The agreement follows a 2019 two-year agreement for over $2.2 billion in crop sales.

“Not only does today’s ceremony demonstrate Taiwan’s commitment to investing in Illinois’s agriculture, it also means more opportunities for Illinois’s farmers, more good jobs in our state and a continued economic relationship with Taiwan,” said U.S. Senator Tammy Duckworth.

“I’m so proud to be a part of this important investment in our great state and honored to witness the signing of letters of intent between Illinois and Taiwan. The Taiwanese stakeholders here today recognize what I’ve long known: Illinois is a great place to do business—and I’ll continue to spread the message.”

The letters commit to the sale and buying of between 96 million and 107 million bushels of soybeans and 59 million bushels of corn and corn byproduct.

“Since first participating in Soybean Trade Missions in 1978, Taiwan has established itself as an important trading partner with the State of Illinois and its number one industry,” said Jerry Costello, Director of the Illinois Department of Agriculture.

“Our trade relationship has only grown since, with Taiwan being our number two trading partner for corn and number three trading partner for soybeans. This partnership helps to keep Illinois as the top producer of soybeans in the US and the number two producer of corn. We look forward to working with Taiwan for years to come.”

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