NEVADA, Iowa — Last week, Taiwanese trade officials signed a letter of intent to purchase more American soybeans that will like be harvested from Iowa and it’s neighboring states. Last fall, the country purchased $2.8 billion of American grain but officials say they want to increase their purchase of soybeans by 30 – percent or $1.5 billion.
Nevada farmer, Scott Henry, says the timing of the trade is perfect, as soybean sales to China are shrinking.
“In a time where there are tariff and trade issues that are putting pressure on the demand side of things, having a buyer come in and purchase soybeans is very welcomed.”
Henry and his family played host to about ten Taiwanese delegates Sunday. They toured the family farm, LongView Farms, learning about operations and the quality of soybeans. Officials from Taiwan plan to purchase the soybeans over the next two years. Members of the delegation say the relationship is one they plan to keep.
“It’s not only about the business to business relationship but also business to consumer relationship where they can witness the quality,” says Eric Huang, director general of the Taipei Economic and Culture Office in Chicago.
The delegation will officially sign off on the agreement Monday afternoon at the Iowa State Capitol.