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Sugar Corp. denies hoarding feed and profiteering

by 5m Editor
1 November 2007, at 8:41am

TAIWAN - The state-run Taiwan Sugar Corporation has clarified that the it has not been hoarding animal feed for profiteering purposes, as charged by some lawmakers.

Legislator Chung Shao-ho of the opposition People First Party said domestic hog breeders are losing profits due to surging prices of feed corn, which comprises most pig fodder, along with increasing transportation costs.

To make the situation worse, Chung alleged, Taiwan Sugar and its affiliate formed with the Cargill Group of the U.S., have been withholding feed supply for financial gain. He revealed the plight of pig farmers at a press conference, saying the farmers are now suffering a deficit of NT$1,200 on each head of livestock.

Chung represents farming communities in Kaohsiung County in southern Taiwan.

According to his calculation, a herd of 50 pigs represents a deficit of NT$60,000.

Chung accused two leading domestic feed suppliers, including state-owned Taiwan Sugar, of stockpiling feed corn for profiteering.

Source: TheChinaPost

5m Editor