Gaffner: Illinois soybean farmers strengthen global trade relationships

In September, the Illinois Soybean Affiliation, together with different Illinois commodity teams, signed a historic Memorandum of Understanding with Taiwan enabling nearer cooperation in world commerce facilitation.

Not solely did the MOU signing signify a step in the direction of world meals safety, it additionally bolstered Illinois soybean farmers’ dedication to sustaining the safety of worldwide provide chains, whereas strengthening present commerce relationships.

In 2021, the entire worth of U.S. agricultural and associated merchandise exported to Taiwan reached $3.94 billion, making it the seventh largest marketplace for U.S. agricultural exports. The U.S. provides about 27% of Taiwan’s agricultural imports.

The MOU creates an settlement that advances the curiosity of Illinois’ farmers and helps progress of the Illinois ag economic system. It additionally strengthens the distinctive relationship between Illinois soybean farmers and the Taiwanese.

Commerce is important to Illinois soybean farmers with 60% of the practically 672 million bushels of the soybeans grown right here in Illinois exported, with an estimated worth of $4 billion to $5 billion.

Illinois soybean farmers have profound respect and appreciation for Taiwan’s experience and position on this vital commerce relationship as we proceed to be taught from our world companions in regards to the evolving preferences and excessive requirements to which our merchandise are measured. We are going to proceed to endeavor to exceed these expectations.

As combines roll throughout Illinois, and the calendar reminds us we’re nearing the season of gratitude, I replicate on the numerous accomplishments this yr in Illinois soybean fields that we now have supported on the Illinois Soybean Affiliation.

We’ve a lot to be pleased with, a lot to have fun and, above all, a lot to be grateful for. Wishing everybody bounty, success and security this harvest season!

Scott Gaffner is an at-large director on the Board of Administrators and chairman of the Market Improvement Committee of the Illinois Soybean Affiliation.