Minnesota Soybean Producers Selling to Iran, Taiwan
Taiwan intends to purchase more $1.5B soybeans from farmers in Minnesota and Iowa
The soybean sales pipeline from Minnesota to China has slowed from a gush to barely a trickle, and it’s farmers who are paying the price, reports KARE 11.
One option for soybean farmers in Minnesota is to find other countries who will buy the commodity. Iran has become one of the largest buyers of U.S. soybeans between August and September this year. New sanctions recently proposed by Trump would not affect agricultural business with Iran.
Another big new buyer for Minnesota soybeans in particular is Taiwan. The CEO of Minnesota Soybean and the Minnesota Department of Agriculture went on a trade mission to Taiwan in July.
Two months later, Taiwan signed a letter of intent to purchase more than a billion and a half dollars of soybeans from farmers in Minnesota and Iowa over the next two years, according to a press release from Minnesota Soybean.