Virginia Signs Letter of Intent with Taiwan to Increase Agricultural Imports
The Commonwealth of Virginia and Taiwan have ratified two letters of intent (LOI) to purchase soybeans and corn, two of Virginia's top commodity crops, in 2012 and 2013. Members of a Taiwanese agricultural trade delegation signed the LOIs earlier this week during meetings in Richmond hosted by Governor McDonnell, Secretary of Agriculture and Forestry Todd Haymore, the Virginia Soybean Association, and the Virginia Grain Producers Association.
Through the letter of intent to purchase, the Taiwan Vegetable Oil Manufacturers Association expressed its plan to purchase up to 110 million bushels of U.S. soybeans, to include soybeans grown in Virginia, in 2012 and 2013. The Taiwan Feed Industry Association plans to purchase up to 413 million bushels of U.S. corn, to include corn grown in Virginia. Depending on market conditions, the combined value of these newly announced soybean and corn purchases by Taiwan from the United States could total up to $5 billion.
The Virginia Grain Producers Association, a farmer-led state commodity association representing corn and small grain growers of Virginia, was pleased to sign the letter of intent with the Taiwan Feed Industry Association to strengthen the long-standing trade relationship between Virginia corn growers and Taiwan. The Taiwan Feed Industry Association's intent to increase the amount of Virginia corn purchases speaks to the quality of Virginia corn, and provides Virginia's corn farmers with additional export markets.