Government insists Supajee did not sign US feed corn import deal, says it is a private-sector agreement

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Summary · why it matters

Ms. Lalida Periswiwattana, deputy government spokesperson, confirmed that information circulating on social media claiming that Ms. Supajee Suthumpun, deputy prime minister and commerce minister, signed an agreement to import feed corn from the United States, along with claims that it involved 1 million tonnes of GMO corn, is untrue and creates misunderstanding. The Commerce Ministry confirmed that the import is a cooperation and agreement between Thai private-sector operators and US private-sector operators, not a signing by the government, the deputy prime minister, or any government agency, and the agreement does not state that the corn is GMO. The imports must proceed strictly under the measures and conditions set by government agencies. The reason private operators want to import is that domestic output is insufficient for demand, while import volumes from neighbouring countries have fallen sharply due to measures managing goods linked to the PM2.5 problem, so additional raw material sources are needed. The imports also remain subject to government conditions to protect farmers, with an import ratio set under the WTO framework, or one part wheat, requiring operators to buy three parts domestic feed corn. Imports under the WTO framework are capped at no more than 1 million tonnes, and any imports above that framework will be subject to a very high tax rate.

Impact on assets 2

Others▲ · 2 stocks
⛏Corn Futures
CORN
▲ PositiveDemandrelevance

Thai private operators importing US feed corn because domestic output is insufficient, adding demand for corn.

⛏Chicago SRW Wheat Futures
WHEAT
▲ PositiveDemandrelevance

Import ratio requires one part wheat per three parts domestic feed corn, implying wheat import demand under the WTO framework.