Gaffner: Illinois soybean farmers strengthen global trade relationships

In September, the Illinois Soybean Association, along with other Illinois commodity groups, signed a historic Memorandum of Understanding with Taiwan enabling closer cooperation in global trade facilitation.

Not only did the MOU signing signify a step towards global food security, it also reinforced Illinois soybean farmers’ commitment to maintaining the security of international supply chains, while strengthening existing trade relationships.

In 2021, the total value of U.S. agricultural and related products exported to Taiwan reached $3.94 billion, making it the seventh largest market for U.S. agricultural exports. The U.S. supplies about 27% of Taiwan’s agricultural imports.

The MOU creates an agreement that advances the interest of Illinois’ farmers and supports growth of the Illinois ag economy. It also strengthens the unique relationship between Illinois soybean farmers and the Taiwanese.

Trade is vital to Illinois soybean farmers with 60% of the nearly 672 million bushels of the soybeans grown here in Illinois exported, with an estimated value of $4 billion to $5 billion.

Illinois soybean farmers have profound respect and appreciation for Taiwan’s expertise and role in this important trade relationship as we continue to learn from our global partners about the evolving preferences and high standards to which our products are measured. We will continue to endeavor to exceed those expectations.

As combines roll across Illinois, and the calendar reminds us we’re nearing the season of gratitude, I reflect on the many accomplishments this year in Illinois soybean fields that we have supported at the Illinois Soybean Association.

We have much to be proud of, much to celebrate and, above all, much to be thankful for. Wishing everyone bounty, success and safety this harvest season!

Scott Gaffner is an at-large director on the Board of Directors and chairman of the Market Development Committee of the Illinois Soybean Association.