June 15, 2007

Taiwanese group signs pact to buy 7.5 million-10 million tonnes US corn

A Taiwanese agricultural group visiting Illinois signed an agreement Thursday (Jun 14) to purchase 7.5 million to 10 million tonnes of US corn, the Illinois Corn Marketing Board said in a press release.

Taiwan, ranked as one of the top four customers of US corn, will buy the corn for delivery in 2008 and 2009, the Illinois Corn Marketing Board said.

"One of three acres on US farms is planted for export and 25 percent of gross farm income comes from overseas sales.," Wendell Shauman, chairman of the Illinois Corn Marketing Board, said in the release. "Illinois is the largest exporter of corn and soybeans in the nation, so the agricultural industry is a large contributor to the US balance of trade."

Last year, Taiwan imported nearly 4.5 million tonnes of US feed grains, Shauman said.