WASHINGTON, D.C. — Leaders from Taiwan’s Feed Industry Assoc. (TFIA) were in Indiana this week after signing a formal letter of intent to purchase between 7.7 million-10.5 million metric tons (mmt), or 303 million-413 million bushels, of U.S. corn, and one-half to three-quarters of a million tons of corn co-products such as distillers dried grains and corn gluten, in 2012 and 2013.

“Taiwan’s intentions to purchase U.S. corn will continue to support the overall high demand side of the equation,” said Emily Otto-Tice, director of supply and infrastructure for the Indiana Corn Marketing Council (ICMC) and the Indiana Soybean Alliance.

“Right now, grain market outlooks show that demand for grains and oilseeds remains high world wide and stocks continue to be tight; however, there is still corn out there and available as harvest begins across the U.S.”

Taiwan is the sixth-largest export market for U.S. agriculture and the country’s fifth-largest corn export market. Additionally, Taiwan is also the fifth-largest buyer of U.S. soybeans.

“For U.S. farmers, Taiwan is a long-established and deeply valued customer and partner,” said U.S. Grains Council Past Chair Terry Vinduska, who signed the letter on behalf of the Council at a formal ceremony in the nation’s Capitol. “This letter of intent is the latest in Taiwan’s unique tradition of goodwill missions to announce its plans. It represents a promise of more than 300 million, maybe as much as 400 million, bushels of corn exports.”

The value of the Taiwanese corn purchase commitment is estimated to total from $2.47 billion to as much as $3.39 billion. TFIA Chair Yau-Kuen Hung represented the organization.

The delegation, which also included representatives from Taiwan’s oilseed processing association and flour millers’ association, signed similar letters outlining their intent to purchase 3 mmt-3.2 mmt (110 million-118 million bushels) of U.S. soybeans and 1.7 mmt (62 million bushels) of wheat.

That makes the work of continuing to develop strong export markets especially important to the continued profitability of the United States’ farmers and ranchers. “Corn and soybean farmers have been investing checkoff dollars in market development overseas for decades and have the reputation and capability of supplying high-quality, reliable crop with added value,” said Mike Shuter, ICMC president and a farmer from Frankton, Ind. “U.S. farmers are still the most efficient and largest producers of corn and soybeans in the world.

“And, in developing countries where a growing middle class is driving demand for higher-quality foods like dairy, meat and eggs, U.S. farmers are working hard to meet that demand and continue to supply them the grains and oilseeds they need for their growing populations.”

After formal visits in Washington, the delegation traveled to Indiana last weekend and was planning to conclude its visit with a signing ceremony and reception at the Indiana Statehouse Monday.

The group is continuing its tour of several states, including Virginia, Ohio, Illinois, Wisconsin and Iowa to conduct meetings with producer groups and state officials.

Taiwan, with the second-highest per capita consumption of U.S. agricultural products in the world, imported 2.4 mmt (94 million bushels) of U.S. corn in the 2010-11 marketing year.