Maize imports bring down price of cereal
A worker at Eldoret’s National Cereals and Produce Board depot takes maize sample from a truck waiting to deliver grains. Photo/FILE
Increased imports of maize from Tanzania and Uganda have seen the price of the cereal drop significantly compared to last month.
The imports doubled in April and boosted declining stocks in the wake of increased consumption.
According to the Ministry of Agriculture, the imports increased from 148,000 bags in March to 339,323 bags of 90kg each in April this year.
Last month, a 90kg bag was going for Sh3,700 at the millers but the price has gone down to Sh3,250.
“The supply of the commodity has gone up and that is why it has registered a drop in price,” said a miller manager who sought anonymity.
The Cereal Growers Association (CGA) attributed the drop in price also to a steady supply from traders who had hoarded stocks hoping that the price would increase in future.
CGA’s chief executive officer David Nyameino said the traders realised that they were running out of season and that was why they started releasing their stocks to the market.
National Cereals and Produce Board (NCPB) has also played a role in the price reduction after releasing its old stock of 300,000 bags to the millers.
This, according to the board’s managing director, Prof Gideon Misoi, has stabilised the market.
“Selling a 90-kilogramme bag at Sh3,000, both the farmer and consumer benefit because the farmer will reap from that while the consumer will enjoy affordable prices,” said Prof Misoi.
