Taiwan Sugar Corp.: no hoarding hogfeed
Taiwan Sugar Corp., the state-run company, has denied
yesterday the charge by legislators that it has been hoarding animal feed for
Legislator Chung Shao-ho of the opposition People First Party, accused the
Sugar Corp. and its affiliate Cargill Taiwan (formed together with the US
Cargill Group) of profiteering from withholding feed supply in a time of dire
straits for hog breeders.
Prices of feed corn and increasing transportation costs have inflicted a loss
of NT$1,200 (US$37) on each livestock head for pig farmers.
Chung continued on to state that supply of hogs has surpassed demand.
Currently, 1 million head of hogs are in surplus supply which "only benefits
pork traders, who have lowered stock prices, frozen the product and are thus
waiting until shortages appear in the market".
Market price manipulation and preventing hog price fluctuations in view of
the rising feed costs are among the charges he raises against businessmen.
Taiwan Sugar has retaliated saying that it has
been importing corn and soybean at a rate of NT$500 million (US$15m) each month
despite high international prices and that is has never hoarded stocks for lost
In addition, the company has stated that it has no control over Cargill
Taiwan in which it has a mere 40% share.
The Council of Agriculture has announced that it is ready to release the
security stocks of rice.
â€¢ Taiwan Sugar Corporation
â€¢ Council of Agriculture
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