Taiwan signed two Letters of Intent with the Indiana Corn Marketing Council and the Indiana Soybean Alliance to purchase nearly $6.4 billion of U.S. corn and soybeans over the next four years.
As part of the Taiwan Agricultural Trade Goodwill Mission, the Letter of Intent between the Indiana Corn Marketing Council and the Taiwan Feed Industry Association states that Taiwan will purchase nearly $2.12 billion of U.S. corn and corn products from 2026 – 2029. The Letter of Intent between the Indiana Soybean Alliance and the Taiwan Vegetable Oil Manufacturers Association states that Taiwan will purchase between $3.44 billion and $4.2 billion of U.S. soybeans from 2026 – 2029.
“Selling our corn and soybeans around the world keeps Indiana’s farm economy strong,” Lieutenant Governor Beckwith, Indiana’s Secretary of Agriculture said. “These agreements mean more markets for the crops our farmers work hard to grow, and they show that other countries count on Indiana to deliver quality corn and soybeans year after year.”
Tim Gauck, president of the Indiana Corn Marketing Council, and Denise Scarborough, chair of the Indiana Soybean Alliance, signed the letters of intent on behalf of their respective organizations.
“It’s a tough farm economy right now. That’s why the farmer-leaders on our corn checkoff board guide investments that move corn in all forms to customers worldwide,” said ICMC President Tim Gauck, a farmer from Greensburg, Ind. “This Letter of Intent from Taiwan signals continued interest in purchasing U.S. corn and beef, which is good news for farmers. Corn, of course, is a major feed source for U.S. beef, so international demand for both is a win-win for our corn growers. This reinforces why our checkoff invests in growing and maintaining strong relationships in global markets.”
“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,” said ISA Chair Denise Scarborough, a farmer from LaCrosse, Ind. “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 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.
