Government negotiating with Pinnacle to prevent feed price hike
With the price of livestock feed expected to increase by eight per cent effective March 15, the Government is in negotiations with the island’s top producer to determine the best course of action for farmers.
I really and truly have asked Pinnacle to put on the table what it costs to produce feed.
Speaking to the media at the launch of Agrofest 2023 at Queen’s Park on Friday, Minister of Agriculture, Food and Nutrition Security, Indar Weir revealed the Government has requested Pinnacle Feeds Limited (PFL) and ADM Barbados on a report on the production cost.
“We are still discussing it with Pinnacle. . . . I really and truly have asked Pinnacle to put on the table what it costs to produce feed, and I have asked them to give me their landing costs. I have asked ADM to also provide us with their information. I note that there are some transfer costs between Pinnacle, Roberts and ADM and I have asked to have that information as well.”
The Minister who professed that Government is still in the process of doing a thorough analysis, but noted that as a private entity, the decision is left up to the PFL.
“We are going to do a thorough analysis of the cost of production and then we will come back with an answer but until then there isn’t much more that I can say about that. Pinnacle really is a private entity. As a private entity, the only thing we can do is work with them but they have business decisions to make.”
Also speaking to the media, president of the Barbados Pig Farmers Association Henderson Williams commended the Minister for his efforts thus far.
“I want to say to the Minister thank you for the Cabinet of Barbados and the Prime Minister with the Minister’s direction in terms of what they have been doing with the farmers and the feed companies. They have been doing a tremendous job in terms of recognising the challenges the farmers have been facing.
“We are now at a juncture again where there is an anticipated eight per cent increase. The Minister is well aware of the delay of the land and has been consulting with us to see how we can negotiate and navigate this path.”
