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Taiwan inks $2.6 billion ag buy

Taiwan recently purchased more than $2.5 billion of U.S. ag commodities.

As part of the agreement, officials with the Taiwan Vegetable Oil Manufacturers Association visited Minnesota in mid-September.

Minnesota Soybean Research and Promotion Council chair Joe Serbus tells Brownfield foreign buyers value crops grown in the Upper Midwest.

“It really just entails how Minnesota (and the) Upper Midwest is really raising a quality product.”

Taiwanese officials were also in Iowa, where Johnson Chiang with the country’s Economic and Cultural Office said Taiwan looks forward to future trade.

“In addition to purchasing agriculture products, I think we also have other areas in high technologies as Taiwan is one of the leading contributors to high technology supply chain.”

Taiwan signed letters of intent to purchase one-and-a-half million metric tons of U.S. corn and up to two-point-nine million metric tons of U.S. soybeans over the next two years.