October 5, 2009
US signs letter of intent with Taiwan oilseed buyers
The American Soybean Association (ASA) on Thursday (Oct 1) signed a Joint Communiqué with Taiwanese grain and oilseed buyers which describe Taiwan's intentions to purchase 3 million to 3.2 million tonnes of US soy during 2010 and 2011.
The value of this purchase is estimated to be worth between US$1.35 billion and US$1.44 billion.
The Joint Communiqué was signed between the Taiwan Feed Industry Association, Taiwan Vegetable Oil Manufacturers' Association and the Republic of China (Taiwan), and the ASA, National Corn Growers Association and the US.
Taiwan has the highest soy per capita consumption in the world and was the fifth largest buyer of US soy last year with purchases of US$952 million. It is also the sixth largest market for US agricultural products. The 24 million people in Taiwan purchased US$3.4 billion in grains, meats and a wide variety of US products last year.
