Taipei, March 3, 2011 (CENS)--To help stabilize domestic soybean-product prices, the Cabinet-level Fair Trade Commission approved yesterday (March 2) extension of the joint-shipment program for imported soybean by five domestic edible-oil firms by another three years.
Shih Hui-fen, vice chairperson of the commission, pointed that the extension is designed to help market players cut imported cost and cope with soaring international grain prices. She noted the program can help curb price-hike pressure on salad oil. The joint-shipment program is scheduled for expiration in mid-March.
The five members of the joint-shipment program include Uni-President, its subsidiary Tatongyi, Great Wall Group, and its subsidiary Lanmeilei, Taihwa Oil Industrial. Eight firms in central Taiwan, headed by Fumao Oil, have also organized a similar joint-shipment program.
In the face of soaring international grain prices, Fair Trade Commission has also approved joint procurement programs for wheat and maize.
The Fair Trade Commission, however, asked Uni-President and other members of the soybean joint-shipment program to make regular reports on its operation, including processing, import, inventory, sales, procurement prices, procurement amount, and time for the arrival of shipment. The purpose is to prevent collusion in price hike. In addition, the program cannot prevent participation of other market players or its members to joint other joint shipment programs. Moreover, members can be free to ship soybean by themselves.