United States officials recently reached a deal with Canada and Mexico. The agreement was welcome news for United States farmers/ranchers. On Monday, another deal was struck, on a more local level.
AUDIO: Tim Bardole, Iowa Soybean Association
The Taiwan Agricultural Trade Goodwill Mission signed an agreement to purchase between 3.2 million and 3.9 million tonnes of United States soybeans in 2018 and 2019. Iowa Soybean Association president-elect Tim Bardole says the agreement to increase soybean purchases is welcome news.
?They pledged to purchase about 37-percent more than a year ago. It?s important to the U.S. producer, and the Iowa producer, to sell more soybeans.We produce about 60-percent more soybeans than we utilize, so trade has always been huge for soybeans,? Bardole said. ?The Taiwan market has, from the beginning, been a strong market for us. To have a little higher market percent is great for the United States.?
Iowa has maintained a close relationship with Taiwan for over a decade. A fair portion of the ?18-?19 soy exports to Taiwan will come from Iowa and Minnesota. Bardole says quality and overall experience have helped mold this strong working relationship.
?The Taiwan market has been very important to U.S. soybean exports for years,? Bardole said. ?They understand the quality of our soybeans, and I think that?s one reason (why) they stepped forward and signed a pledge to buy more soybeans. We have consistent supply and the quality is probably the biggest thing. Everybody wants high quality soybeans and the United States can give that to them.?
The increased purchase intentions are expected to boost the United States? market share in Taiwan to nearly 90-percent, according to Iowa Soybean Association data.
