$6.4 billion is how much Taiwan says it will spend to buy its corn and soybeans from Indiana and the U.S. over the next four years.
On Thursday, Taiwan signed two Letters of Intent with Indiana Governor Mike Braun, as well as the Indiana Corn Marketing Council (ICMC) and the Indiana Soybean Alliance (ISA). Through 2029, Taiwan will buy more than $2.1 billion of U.S. corn and corn products. Meanwhile, the Taiwan Vegetable Oil Manufacturers Association will purchase between $3.44 billion and $4.2 billion of U.S. soybeans and soybean products.
“This is a great win, and we’re excited. It’s going to be a huge win for Indiana farmers at a very critical time,” says Indiana’s Lieutenant Governor Beckwith, who also serves as Indiana’s Secretary of Agriculture.
Denise Scarborough, who farms in LaPorte County and is chair of the Indiana Soybean Alliance, tells Hoosier Ag Today the ag trade partnership between Taiwan and Indiana speaks volumes to the quality of the corn and soybeans produced right here in the Hoosier state.
“Indiana grows great soybeans. We’re one of the top producing states in the United States. Taiwan and our other trading partners always come back and tell us that we grow a consistent quality product here in Indiana and in the United States, and that’s something we should be very proud of as farmers,” says Scarborough.
Tim Gauck, who farms in Decatur County and serves as president of the Indiana Corn Marketing Council, says this agreement will benefit corn and soybean producers across all 92 of Indiana’s counties.
“To put it in perspective, I started farming in 1972. Back then, Indiana produced 300 million bushel of corn. That was our total production, and that’s what this deal is about, so it is a big deal for farmers—especially in Indiana,” says Gauck.
Scarborough adds that the trade relationship with Taiwan is just the tip of the iceberg when it comes to “moving the pile” and growing the value of Indiana’s corn and soybeans.
“As a farmer, I see this as an encouraging step because we are always looking to strengthen existing export markets and open the door to new ones,” adds Scarborough. “This Letter of Intent reflects years of checkoff-funded work and partnerships focused on building long-term demand for U.S. soybeans. ISA works closely with the United Soybean Board and the U.S. Soybean Export Council to connect farmers like me to buyers around the world. Efforts like this matter because they help keep soybeans grown here in Indiana moving into the global marketplace.”
The ceremony was witnessed by Gov. Mike Braun, Lt. Gov. Micah Beckwith, and Indiana State Department of Agriculture (ISDA) Director Don Lamb, who served as official signatories for Indiana.
“Grain exports added more than $3 billion in value to Indiana’s economy in 2023,” said Director Don Lamb. “Continuing to develop relationships and expand current markets like Taiwan is key for economic growth for Indiana farmers, especially in today’s farm economy.”
The Taiwan delegation included the Taiwan Deputy Minister of Agriculture, Wen-Jane TU, along with leaders and members from animal, sugar, livestock, poultry, and feed industries, local cooperatives, U.S. Soybean Export Council, U.S. Grains Council, Taiwan Foreign Ministry, the embassy and the consulate in Chicago.
Taiwan’s Deputy Minister of Agriculture, Wen-Jane Tu, and Director General of the Taipei Economic and Cultural Office in Chicago, Lei Yen-Feng, value the partnership with the U.S.
“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. “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.”
“Relations between Taiwan, the U.S. and specifically Indiana, have grown significantly in various aspects in recent years,” said Dennis Yen-Feng Lei, Director General of the Taipei Economic and Cultural Office in Chicago. “Taiwan and the U.S. are strong partners in security, economy and trade cooperation, and we share common values and complementary ties. I express my pleasure that this signing ceremony will help Taiwan, through this agricultural delegation, to further strengthen the sound cooperative relationship with the U.S. and Indiana, as well as to build robust and resilient industrial supply chains and ecosystems.”
The Taiwan Agricultural Trade Goodwill Mission is held biennially and 2025 marks its 15th mission. These missions are focused on building relationships with states and strengthening bilateral agricultural cooperation. Since its inception in 1998, these missions have facilitated the purchase of 5.4 billion bushels of U.S. grains, which has totaled nearly $34.7 billion.
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