Two Taiwanese trade groups have agreed to buy as much as $5 billion worth of corn and soybeans from Indiana and other states in 2012 and 2013.
Representatives of Taiwan's Feed Industry Association and its Vegetable Oil Manufacturers Association signed letters of intent for the purchases Monday in Indianapolis with Indiana Agriculture Director Joe Kelsay.
Ag Department spokeswoman Jeannie Keating says the feed group intends to buy 8.2 to 11.2 metric tons of corn and corn byproducts — or 300 million to 400 million bushels — valued at $2.5 billion to $3.4 billion.
The vegetable oil group intends to buy about 3 million metric tons of soybeans, or more than 100 million bushels, valued at more than $1.6 billion. The grain will come from Indiana, Illinois, Iowa, Ohio, Wisconsin and Virginia.