March 31, 2008

Thailand to tackle price speculation by major pig breeders

Thailand's Commerce Ministry promised to investigate price speculation by major pig breeders in a bid to bring pork prices back to a normal level, The Nation reports.

Speculation has been blamed on the rise in pork prices, with officials saying the price of pork could soar to THB 150-Bt200 per kilogramme if left unchecked.

Commerce Minister Mingkwan Sangsuwan said the ministry had found evidence of speculation on piglet prices.

The Internal Trade Department also reported yesterday that farmers would be allowed to increase pig prices at the farm gate by THB 3 per kilo, bringing the price to THB 63. The move aims to offset the increase in farmers' production costs due to rising raw material and oil prices.

(US$1= THB 31.495)