Corn, soybean exports to Taiwan to increase over next 2 years

FRANKFORT, Ky. (WTVQ) – Governor Steve Beshear made an announcement Tuesday about an agreement between the Republic of China (Taiwan) and Kentucky farmers to increase corn and soybean exports to Taiwan over the next two years.

Representatives from Kentucky and Taiwan attended the event at the Governor’s Mansion to officially sign Letters of Intent for future purchases of U.S. farm products.  The Taiwan Feed Industry Association has agreed to purchase 197 million bushels of corn at a cost of more than $1.2 billion. The Taiwan Vegetable Oil Manufacturers Association will be purchasing approximately 100 million bushels of soybeans valued at $1.1-$1.2 billion.

Governor Beshear traveled to Taiwan in April during his trade mission to Asia. While there, he met with Taiwan president Ma Ying-jeou and other government dignitaries to further explore trade and investment opportunities.