March 21, 2023

Thailand allocates US$2 million budget for corn farmers

Thailand's government has approved a budget of THB 716 million (~US$20.8 million; THB 10 = US$0.29) to finance an income guarantee programme for corn farmers that supply the livestock feed sector, and another THB 1 billion (~US$29.1 million) budget to fund a programme collecting livestock feed, Pattaya Mail reported.

For corn with a humidity level of 14.5% or less, the income insurance programme for corn growers will guarantee a base price of THB 8.5 (~US$0.25) per kg. The plan is applicable for yields from November 2022 to April 2024, as well as those from June 1, 2022, to the end of May 2023.

Ratchada Thanadirek, Thailand's Deputy Government Spokesperson, said farmers who are registered with the country's Department of Agriculture Extension are eligible for the programme, adding that up to 30 rai of maize will be guaranteed to each household, but yields from the same plot cannot be submitted more than once.

The programme seeks to give farmers a safety net and shield them from sharp drops in corn prices.

Under the THB 1 billion (~US$29.1 million) programme, low-interest loans will be provided to farmers who require capital to operate their businesses. Farmers will be paid for their corn from the fund.

The project will run until the end of June 2024.

-      Pattaya Mail