Farmers say the new price goes against government policy and will result in heavy losses.
Declining local maize prices have put traders and the Malawi Government on a collision course as the entrepreneurs have resorted to defying an export ban in search of better prices.
The Monkey Bay incident has reignited debate around Finance Minister Joseph Mwanamvekha’s recent projection that maize prices could fall to below K20,000 per 50kg bag (US$ 12) by August this year.
The government has imposed a ban on maize exports to curb further depletion of national stocks.
Demand for protein-rich feed is rising with Malawi’s growing poultry and aquaculture industries, while edible oils offer an import-substitution opportunity.