Friday, February 18, 2011

FRA sells 180,500 tonnes of maize

COMMENT - "sold over 180,500 metric tonnes of maize valued at over US$30.6 million." Even at $200 per tonne, 180500 tonnes works out at $36.1 million. And in Zambia, maize is well over $200 per tonne.

FRA sells 180,500 tonnes of maize
By By Gift Chanda
Thu 17 Feb. 2011, 03:59 CAT

FRA has so far exported over 160,000 metric tonnes of maize to four neighbouring countries. The agency says it expects to sell about 500,000 metric tonnes of maize this year owing to the bumper harvest recorded in the last farming season.

According to public relations manager Mwamba Siame, the agency as at February 11, 2011 had sold over 180,500 metric tonnes of maize valued at over US$30.6 million.

“Prospects on the market are looking bright and it is projected that the Agency may sell up to 500,000 metric tonnes by the end of the year,” she said.

Siame said exports accounted for the large percentage out of the total volumes of maize sold.
“Exports accounted for 163,600 metric tonnes while19, 960 metric tonnes were sales on the local market,” she said.

Siame said most of the maize had been exported to Zimbabwe which accounted for over 70 per cent of the sold quantities.

“Twenty-five per cent went to Democratic Republic of Congo while the Mozambican and Namibian markets purchased one per cent each. Although the quantities for the DRC market are smaller in terms of volume, there has been an upsurge of activity in the recent past. Similarly, the Zimbabwean market has recorded scaled up volumes and payments during the same period,” she said.

Siame said the agency had so far made commitments in terms of maize contracts totalling 320,132.39 metric tonnes which is yet to be paid for and uplifted by clients.

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