Quinn Gains $575 Million In Grain Trade: Ag News

The Illinois grain industry just got injected with an expected $575 million, thanks to Governor Pat Quinn. His administration announced Tuesday a major trade agreement with Taiwan to sell Illinois grain.

“Illinois’ products are the best in the world, and we are committed to selling those products in the global marketplace,” Quinn said in a press release. “Agreements that help us increase trade with Asia are essential to ensuring our role as a leader in the global economy and bringing good jobs home to Illinois.” 

Asia historically has been a major consumer of U.S. grain. This year, Taiwan is the sixth-largest export market for U.S. agriculture products and the fifth-largest market for U.S. corn and soybeans, the release said.

The 22-member delegation signed letters of intent to purchase Illinois grain for 2012 and 2013. This includes 43 million to 59 million bushels of corn and about 14 million bushels of soybeans.

“The Illinois agriculture industry is dependent upon export agreements like this,” said Agriculture Director Tom Jennings. “Forty percent of Illinois grain is shipped out of the country and we thank the Taiwan Feed Industry Association and the Taiwan Vegetable Oil Manufacturers not only for their business, but also for their long-standing friendship.”