ST. PAUL, Minn. (KTTC) – Governor Mark Dayton’s office announced a huge soybean deal with Taiwan today.
According to a news release, Taiwanese trade officials and business leaders signed a letter of intent to purchase between 3.2 million and 3.9 million metric tons of soybeans between 2018 and 2019 from farmers in Minnesota and Iowa.
The deal with the Taiwanese Agricultural Trade Goodwill delegation works out to about $1.56 billion.
Dayton’s office says Taiwan is a growing consumer of vegetable oils and soybean oil accounts for more than 50 percent of the overall vegetable oil market.
On top of that, Taiwan is Minnesota’s sixth-largest export market, and a key trading partner for the state’s agricultural products.