Gov. Ricketts Announces Taiwan Companies’ Intent to Buy Nebraska Ag Commodities

Gov. Ricketts Announces Taiwan Companies’ Intent to Buy Nebraska Ag Commodities

LINCOLN, Neb. – The following is from the office of Governor Pete Ricketts:

“Governor Pete Ricketts and representatives from Nebraska’s corn and soybean boards signed letters of intent (LOIs) with company officials from Taiwan. The LOIs outline Taiwan’s agreement to purchase more than $2.1 billion in U.S. soybeans, corn, and distillers grains. Members of the 2019 Taiwan Agricultural Trade Goodwill Mission visited Lincoln to show their continued willingness to buy U.S. agricultural products.

“The United States supplies more than one-quarter of Taiwan’s major agricultural imports, and Nebraska has been a key supplier to the country for decades,” said Gov. Ricketts. “Signing these letters of intent builds on Nebraska’s existing trade relationship with Taiwan. It also positions us to grow the market for our quality agricultural products in Taiwan.”

“Nebraska is one of the country’s top corn and soybean producing states, making it vital for us to continue to increase international demand for our products,” said Nebraska Department of Agriculture (NDA) Director Steve Wellman. “Taiwanese officials have signed similar agreements in past years that have resulted in millions of dollars of purchases of Nebraska agricultural products.”

Two letters of intent were signed this week. One outlines the Taiwan Feed Industry Association’s intent to purchase 197 million bushels of U.S. corn and 0.5 million metric tons of U.S. distillers grains with solubles in 2020 and 2021. These products are valued at approximately $1.1 billion.  According to USDA’s Foreign Ag Service, in 2018, Taiwan was Nebraska’s fifth largest export market for corn. Out of Nebraska’s total corn export value of nearly $1.5 billion for 2018, Nebraska sent $70.2 million worth of corn to Taiwan.