The Cabinet has approved a budget of 716 million baht to finance an income guarantee program for maize farmers who supply the animal feed industry. In addition, another one-billion-baht budget was endorsed to fund a program aimed at collecting animal feed and raising its value for the Thai agricultural sector.
The income insurance scheme for maize growers will ensure a base price of 8.5 baht per kilogram for maize with 14.5% humidity or less. The scheme is applicable to yields from June 1, 2022, to the end of May 2023, as well as those from November 2022 to April 2024.
According to Deputy Government Spokesperson Ratchada Thanadirek, farmers registered under the Department of Agriculture Extension are eligible for the program. Each household will be guaranteed up to 30 rai of maize, while yields produced cannot be from the same plot in each submission. The program aims to provide farmers with a safety net and protect them from sudden drops in maize prices.
The other one-billion-baht program, allocated to collecting animal feed and increasing value to the Thai agricultural sector, will provide low-interest loans to farmers who need liquidity to run their operations. The fund will also be used to purchase maize from growers.