In Panama, the incentive of $7.50 applied to each hundredweight of paddy rice has been extended for the period from July 1, 2018 to June 30, 2019.
The Ministry of Agricultural Development (Mida) reported that in addition to the incentive of $7.50, it has been established that the price of a hundredweight of rice will be $17, (depending on the variations that occur in terms of promotions or discounts), which will be paid by the mills and intermediaries to local producers.
The auction of a rice mill by the Association of Rice Producers of Chiriqui was declared void because of lack of offers to reach the established base price.
The base price for auction through the Agricultural Commodity Exchange was $3.5 million, well above the single offer of $1.4 million by a group of seven millers.
The mill belonging to the Rice Growers Association of Chiriqui (Apach) located in Alanje, was built two years ago with a loan from Banco Nacional de Panama (BNP). The facility includes eight silos where 480 thousand quintals of grain can be stored.
Dairy farmers and rice growers continue to demand that the tax reform proposal made by the government of Nicaragua be enlarged, and are complaining about the high costs of production.
Furthermore, they fear that consumer prices will only be stable only for a short while, reported La Prensa in its online edition.
The government of President Daniel Ortega has proposed in Parliament the removal of the Selective Consumption Tax (ISC) for milk based beverages and also a reduction of income tax (IR) on stock transactions that exceed an annual amount of C $60 million (U.S. $2.6 million) for rice and raw milk. Business leaders believe that this proposal is insufficient.
Mills are paying lower prices and higher oil prices have inflated production costs.
The year 2011 was a bad year for rice farmers in Panama. Mill owners paid lower prices and higher oil prices made raw materials significantly more expensive, which resulted in serious disadvantages for rice producers despite their efforts to increase efficiency.
The amount paid by rice millers to producers for a quintal of wet and dirty grain went from $16 to $19.50 dollars, whereas last year they offered up to $24 to process it, explained an article on laestrella.com.pa web. On the other hand, the price of oil caused the value of agricultural inputs to go up by 25%, raising the cost of producing a hectare of irrigated rice to $2.200 and an acre of upland rice to $2.000.
The company Industrias Molineras Sociedad Anónima (IMSA), has opened its new plant capable of processing 1400 quintals a day.
The new campus includes facilities for weighing, receiving, cleaning, drying and storing rice.
"... The milling and machinery plant, has a capacity of 132 metric tons, equivalent to a daily production of 1,400 quintals of classified white rice, to be distributed to the public through its 12,000 permanent customers", reported Latribuna.hn article.
Beginning in December this year, rice growers from the province of Chiriquí, Panamá, will have the country's biggest rice mill.
The new infrastructure from the Rice Growers Association of Chiriquí (APACH) will be located in Alanje, in the province of Chiriquí, and will have a storage capacity of half a million quintals.
"The new mill, property of APACH, will store 200 quintals per hour.
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