BANGKOK, 25 August 2013 The government will purchase corn off farmers at the price of 9 baht per kilogram from September to October, with an aim to help corn growers cope with oversupply.
According to Deputy Prime Minister and Commerce Minister Niwatthamrong Boonsongpaisan, the government will join hands with animal food manufacturers in order to help corn farmers cope with oversupply in which the problem is expected from September through October. He said during the period, the government will buy corn at the price of 9 baht per kilogram. He added that the move will help stabilize corn prices in the market.
He further stated that during September to October, there will be around 3.5 million tons of corn in the market which accounts for 60-70 percent of all in-season corn production. As a result, the market will be faced with oversupply of corn, causing corn prices to drop. Therefore, the government will have to step in and help the farmers.
