Representatives from the Taiwan Flour Millers Association signed a letter of intent last week with U.S. Wheat Associates to buy 1.9 million metric tons of U.S. wheat over the next two years.
Officials from U.S. Wheat Associates say that’s about 69.8 million bushels of American wheat worth $576 million.
The signing took place at the Capitol Building in Washington, D.C. Taiwan is the sixth-largest U.S. wheat export market and the seventh-largest overseas market for U.S. agricultural products.
“American farmers place great value on the relationship between U.S. agriculture and Taiwan,” says Michael Peters, USW Vice Chairman. “We pride ourselves as being dependable partners who grow the highest quality agricultural products in the world.”
The team from Taiwan also signed Letters of Intent with the U.S. Soybean Export Council and the U.S. Grains Council to purchase soybeans and corn. The total estimated commitment in the three letters is estimated at $3.2 billion.