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Taiwan announces billion dollar soybean buy in Minnesota

A photo from Governor Dayton’s meeting with the Taiwanese Agricultural Trade Goodwill delegation. A photo from Governor Dayton’s meeting with the Taiwanese Agricultural Trade Goodwill delegation.

Country plans to purchase over 3 million metric tons.

Posted: Sep 27, 2018 5:03 PM

ST. PAUL, Minn. – Trade officials from Taiwan have agreed to buy up to $1.56 billion in Midwest soybean in 2018 and 2019.

The deal was announced Thursday during a meeting hosted by Minnesota Governor Mark Dayton.

"Minnesota's trade relations with countries around the world, including Taiwan, are critical to helping our farmers sell their products in the global marketplace,” says Governor Dayton. “With the USDA predicting the largest U.S. soybean crop ever, these export opportunities are vitally important.”

The Taiwanese delegation, led by Taiwan Vegetable Oil Manufacturers Association (TVOA) Chairman Mr. Yau-Kuen Hung, says it plans to purchase between 3.2 million and 3.9 million metric tons of soybeans.

"The U.S. remains one of Taiwan's largest trade partners for agricultural products,” said Chairman Hung. “The Goodwill Mission plays an important role in strengthening the trade relations between our countries and ensuring Taiwan is able to purchase high quality soybeans grown in Minnesota.”

State officials say Taiwan is Minnesota’s sixth-largest export market.

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