Taiwan agrees to buy more soybeans from the U.S., Iowa farmers rejoice

DES MOINES, Iowa — Iowa farmers welcomed the news that Taiwan planned to buy more soybeans from the United States.

On Monday, October 1, Taiwanese trading partners agreed to up their soybean imports from the U.S. by 37 percent, compared to the previous year.

Harvest in Iowa and across the country was underway at the time of the announcement.  According to a statement from the Iowa Soybean Association, 2018 is expected to be a record yield.

“Every little bit helps,” said Iowa Secretary of Agriculture Mike Naig. “We’re looking at significant increase.  Taiwan’s been a good market for us.”

The Iowa Soybean Association estimated that the agreement would make up for the 10 – 15 percent of their loss since China enforced additional tariffs on beans produced in the U.S.