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Grain Millers Association Denounces Side Marketing Of Maize

1 year agoFri, 02 Sep 2022 07:16:39 GMT
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Grain Millers Association Denounces Side Marketing Of Maize

The Grain Millers Association of Zimbabwe (GMAZ) has warned that the ongoing side marketing of maize is threatening national food security and the operations of maize contractors.

In a statement, GMAZ chairperson Tafadzwa Musarara criticised the “greed” buyers who are reportedly buying maize at low prices for speculative purposes. He said:

The Grain Millers Association of Zimbabwe would like to denounce the ongoing side marketing of maize by unscrupulous buyers.

The unfortunate act of greed is now dislocating the contract farming financed by the government of Zimbabwe, the CBZ Agro Yield and the Food Crop Contractors Association.

The maize we have in the country, including the stock carryover, has to be complemented by imports in order to take us to the next harvest due to depressed yields as a result of poor rainfall.

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Musarara added that for the past two months the grain market has been characterised by “unbridled arbitrage, side marketing and, indeed, organised chaos”. He said:

Cheap maize-meal imports have caused a glut on the market landing at a price of US$320 per tonne, cheaper than GMB maize price to millers of US$330 per tonne.

We are now worried that third parties are buying that maize for speculative reasons at low prices with the intention to sell it later at very high prices.

This act of profiteering has the potential to kill the current funding facility and stop it from revolving into the next season.

Earlier this year, GMAZ announced that it will import 400 000 tonnes of maize from Malawi and Zambia worth US$100 million to augment local supplies.

Zimbabwe requires 2.2 million tonnes of maize for human consumption (1.8 million) and stock feed (350 000 tonnes) per year.

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