NFM increases feed prices a second time

Livestock farmers have yet again been hit with another increase in feed prices for the year.

National Flour Mills CEO Ian Mitchell on Saturday told Sunday Newsday via Whatsapp messages that the new prices came into effect on July 1.

He said, “NFM was forced to implement a second price increase on feed products for 2021 due to continued increases in the cost of all input grain. This price increase was affected on July 1.

“The price increases range from 2.8 per cent to 5.9 per cent. The increase in the landed cost of feed grain for 2021 is over 50 per cent.”

Mitchell noted that other suppliers Mastermix and Nutrimix also increased their prices.

When Sunday Newsday spoke with Mastermix’s general manager Hamant Mahabir, he said they did not increase prices and would not do so for the next quarter.

He said, “Our last adjustment was in February and at this point in time we have no intention of doing any further adjustments.

“The main ingredients that go into feed — corn and soybean meal has been increasing and that has prompted the decision by the other millers to increase.”

He added that while there were fluctuations in the raw materials prices daily, the long-term changes what was being used to determine local price adjustments.

“At Mastermix we would absorb the price shocks but will also monitoring the situation on the global market. If it plateaus, we will be prepared to continue to absorb the increases, but if it goes way beyond that, because we have no control over what is driven by market forces globally, then we will look at adjustments.

“One other factor that also needs to be considered is the cost shipping, which has skyrocketed over the past months,” Mahabir explained.

Attempts to reach officials at Nutrimix were unsuccessful.

Visham Durgasingh, owner of a feed shop in Freeport said four types of feed from NFM increased and also noted that the other suppliers did not increase prices.

Based on his price list the increases are as follows:

— pellet — was $85; now $90

— crack corn — was 162.50; now $170

— talapia — was $180; now $185

— layer feeds — was $209; now $218

In February feed prices increased by about 10 per cent with local suppliers citing increases in global grain prices, China’s high demand and dry weather conditions in South America were some of the factors that forced the adjustments.

Both NFM and Mastermix’s grain supplies are primarily sourced from North America.