Monday, Taiwanese officials signed an agreement in Iowa to purchase $1.56 billion worth of Minnesota and Iowa soybeans. Iowa Soybean Association CEO Kirk Leeds says Taiwan has significantly increased its purchases of U.S. soybeans this year over last year.
He says the U.S. has been successful in building good relationships with Taiwan., over the years through the checkoff program the U.S.. has made huge strides that led this announcement as well as continued business.
Leeds says the U.S. is in a great position to sell soybeans to foreign customers due to the fact there’s such a large crop available and the low price now is attractive to them.
The USDA estimates Iowa’s 2018 soybean production at 594 million bushels and if that number is realized it would make 2018, Iowa’s largest production on record, That would translate to 24 million bushels above the previous record of 566 million bushels set in 2016.
