Illinois enters grain deal with Taiwan

SPRINGFIELD — Illinois has entered into a deal with Taiwan that the state hopes will bring a $575 million boost to its grain industry.

Gov. Pat Quinn's office on Tuesday said the agreement is part of efforts to increase Asian investment in Illinois.

A 22-member trade delegation from Taiwan visited Springfield.

Quinn's office says the Taiwan Feed Industry Group signed commitments to purchase at least 303 million bushels of U.S. corn as well as corn by-products. Illinois will supply 43 million to 59 million bushels of the corn, in a deal valued at up to $393 million at current prices.

Taiwan's Vegetable Oil Manufacturers and Oilseed Processing Association also agreed to buy 14 million bushels of Illinois soybeans, worth about $182 million.