ISA Chairman Moore Signs Letter of Intent with Taiwan

FOR IMMEDIATE RELEASE
October 2, 2009

Illinois Soybean Association (ISA) Chairman Ron Moore of Roseville and other farmer leaders greeted a 17-member delegation from Taiwan Wednesday, Sept. 30, as part of a visit to Illinois and the Abraham Lincoln Presidential Library.

During the visit, Moore and Han-Yeh Wang, a member of the Taiwan Vegetable Oil Manufactures Association (TVOA), signed a letter of intent, which indicated the Association's desire to purchase Illinois and U.S. soybeans in 2010 and 2011.

"We thank Taiwan for their continued support of our industry and look forward to building our relationship with them," Moore said. "We realize that in the United States almost every other row of soybeans harvested is exported to countries like Taiwan and this in return creates a stronger market for Illinois famers' soybeans."

The letter of intent states that the TVOA will buy between 3 million and 3.2 million metric tons (110 million and 118 million bushels) of U.S. soybeans. The value of this purchase is estimated to be worth between $1.35 billion and $1.44 billion.

The letter also expressed how Taiwan and Illinois can work together to "foster mutual understanding and cooperation" and a "desire to strengthen their relationship and trade relations." This relationship has been ongoing since 1993 when Taiwan's first imports of U.S. soybeans came from Illinois.

"Illinois products have become highly regarded," said one of the delegates.

During the event, the Taiwan Feed Industry Group also signed a letter of intent with the Illinois Corn Growers Association stating that it intends to purchase 7.7 million to 10.5 million metric tons (303 million to 413 million bushels) of U.S. corn and 0.5 million to 0.75 million MT of corn by-products. Combined, the sales total an estimated $3.5 billion.

"Illinois agriculture is an export-dependant industry," Agriculture Director Tom Jennings said. "We ship 40 percent of our grain out of the country and are grateful to the Taiwan Feed Industry Association and the Taiwan Vegetable Oil Manufacturers not only for their business, but also for their long-standing friendship."

At the end of the ceremony, as ISA board members Ross Prough of Greenfield and Pat Dumoulin of Hampshire looked on, Moore thanked the Taiwan delegation by presenting them with Illinois Soybean Association plates.

The agricultural mission from Taiwan is in central Illinois on a three-day visit. Members also are scheduled to meet with legislators and farm organizations during their trip to cultivate future opportunities for trade.

ISA is the statewide organization for Illinois soybean growers. The farmers on its board administer soybean checkoff funds to support research, promotions and educational programs designed to increase demand for Illinois soybeans and administer legislation and membership programs. Contact ISA at 309-663-7692, or visit www.ilsoy.org.