Study on smallholder rice farmers - Feb 2014


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  • Very interesting and quite useful. Your analysis is valid and I think deserves a more in-depth look for possible replication in other rice-producing areas in the Philippines
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Study on smallholder rice farmers - Feb 2014

  1. 1. On  poverty  for   smallholder  Filipino  rice   farmers   February  2014   Chris  Tang,  MBA  2014  |  Zech  Lung,  MSMS  2014  
  2. 2. Christopher  Tang,  Hong  Kong   2014  MBA  Candidate,  MIT  Sloan   MicroBinance,  Hospitality,  Debt  capital  markets   Email:   About  us     Zech  Lung,  Singapore   2014  MSMS  Candidate,  MIT  Sloan   Engineering,  Infrastructure,  Project  management   Email:     2  
  3. 3. Agenda   1.  Executive  summary   2.  Our  approach   3.  Overview  of  the  rice  industry  and  value  chain   4.  Why  are  smallholder  rice  farmers  poor?   5.  Our  recommendation:  An  integrated  premium   rice  producer   3  
  4. 4. Executive  Summary   1)  Why  are  smallholder  rice  farmers  poor?   •  Rice  is  a  difBicult  crop  to  make  a  living  on   •  Less  credit  is  available  for  the  agriculture  sector   •  Lack  of  organization  is  a  problem   2)  Our  recommendation  -­‐  An  integrated   premium  rice  producer  with:   •  A  premium  rice  brand   •  Supportive  contract  farming   •  Integrated  value  chain   4  
  5. 5. Our  approach   Methodology   •  Research  about  the  rice  industry,  agriculture,  and  poverty  in   the  Philippines   •  Visits  to  industry  participants  at  different  stages  of  the  value   chain   •  Over  20  interviews  across  the  private,  public,  academic,  and   nonproBit  sector   Limitations   •  Not  a  geographically  comprehensive  study   •  Interviews  were  with  rice  industry  participants  across   different  regions   •  We  are  not  agricultural  experts   5  
  6. 6. Where  we  went   Jan  5  –  28,  2014   Science  City  of  Muñoz,  Nueva  Ecija   •  PhilRice   •  Tilah  Seeds   •  Gratia  Plena   Angat,  Bulacan   •  Gawad  Kalinga  Enchanted  Farm   •  Reysan  Trading  Rice  Mill   •  Bagong  Buhai  Ng  Mabini  Rice  Multi-­‐ Purpose  Cooperative     Metro  Manila   •  Marikina  Market   Los  Baños,  Laguna   •  IRRI   •  Banca  Banca  Multi-­‐Purpose   Cooperative     Source:  IRRI   6  
  7. 7. 0   2   4   6   8   10   12   14   16   2003   2005   2007   2009   2011   2013   Million  MT   •  “Philippines  is  a  nation  of  rice-­‐ eaters.  Demand  will  always  be   high.”     -­‐  Joseph  the  rice  trader   Philippine  Rice  Industry  Overview   Strong  and  stable  demand   Philippines  domes-c  rice  consump-on  in  2013   was  almost  13  million  MT   Source:  USDA   Filipinos  consume  just  over  120kg  of  rice  annually   0   50   100   150   200   250   China   India   Indonesia  Philippines   Thailand   Vietnam   Per  capita  consump2on  (kg)   18.0   22.4   29.4   32.1   0   5   10   15   20   25   30   35   2003   2004   2005   2006   2007   2008   2009   2010   2011   2012   PHP  /  kg   Prices  have  climbed  79  percent  over  the  past  10   years,  most  notably  during  the  2008  rice  crisis       Sources:  USDA,  CIA  World  Factbook   7  
  8. 8. Philippine  Rice  Industry  Overview   Imports  to  supplement  low  local  production   Philippines’  rice  yields  have  trailed  behind   Vietnam  and  Indonesia   6.3   2.9   4.4   3.1   2.6   4.2   6.6   3.0   5.0   3.6   2.9   5.2   0   2   4   6   8   China   India   Indonesia  Philippines   Thailand   Vietnam   MT  /  ha   2000   2009  Source:  PhilRice   •  Philippines  imports  about  10   percent  of  its  rice  annually.   The  top  importing  countries  are:   –  Vietnam   –  Australia   –  Cambodia     –  India   –  Thailand     0   2   4   6   8   10   12   14   16   2003   2005   2007   2009   2011   2013   Million  MT  /  ha   DomesLc  producLon   Imports   (2013)   9.3%  imported   Philippines  domes-c  rice  supply  in  2013  was   almost  11.6  million  MT,  with  9  percent  imports   Source:  USDA   29.9   44.1   12.9   4.5   11.0   7.4   0   10   20   30   40   50   China   India   Indonesia  Philippines   Thailand   Vietnam   Million  ha   Philippines  has  the  smallest  rice  harves-ng  area   compared  to  other  major  rice-­‐producing  Asian   countries   8  
  9. 9. Philippine  Domestic  Rice  Industry   Challenges   •  NFA  provides  subsidies  for   imported  and  domestic  rice,   presenting  a  lower-­‐cost   alternative  to  rice  from  domestic   commercial  producers     •  Rice  smuggling,  owing  to  the   large  difference  between  world   and  domestic  prices  of  rice   •  ASEAN  Economic  Community   2015  will  lower  the  tariffs  on   rice  imported  from  neighboring   countries  and  challenge  the  local   industry   28   33   20   25   30   35   40   NFA   Commercial  rice   PHP/  kg   The  retail  price  of  NFA  rice  is  around  15  percent   lower  than  that  of  commercial  rice   Sources:  USDA,  PhilRice   ‘Domestic  price  of  rice  had  been  higher   as  much  as  75  percent  than  the  world   price  since  2000.    Although  the  gap   closed  in  2008,  price  differential   widened  again  to  30  percent  in  2012.’     -­‐  Dr.  Flordeliza  Bordey  and  Aileen  Litonjua,   PhilRice  economists   15%     9  
  10. 10. Philippines  rice  value  chain   Sources:  E.  Limon   (1)  -­‐  the  trader-­‐coop-­‐financier  can  also  provide  inputs  to  the  farmer  as  well   (1)   10  
  11. 11. Why  are  smallholder  farmers  poor?   Rice  is  a  difIicult  crop  to  make  a  living  on   •  Rice  farmers  generally  earn   very  little  with  the  size  of  their   income  depending  on  their  farm   yield  and  costs  of  labor  and   inputs   •  Labor  is  often  the  biggest   expense,  as  a  lot  of  land   preparation  and  harvesting  is   done  manually   •  Rice  farmers  often  have  other   jobs  as  carpenters,  welders,   tricycle  drivers     Sources:  PhilRice,  Smart  Agriculture  book  (N.  Perlas),  Interviews   (1)  PhP  15  kg  for  4  MT  of  palay   (2)  Assumes  2  hectares  of  land     6,039   2,398   2,147   1,699   1,131   0   1000   2000   3000   4000   5000   6000   7000   Pineapple   Mango   Cassava   Rice   Coffee   USD   Rice  famers  earn  less  than  other  single-­‐cropping  per   year  crops   Revenues USD*/*ha % Revenue&(1) 1,364&&&&& 100% Costs Labor 262&&&&&&&&& 19% Pesticides 107&&&&&&&&& 8% Rentals&of&machines,&tools,&and&animals 66&&&&&&&&&&& 5% Interest&payment&on&crop&loan 49&&&&&&&&&&& 4% Seeds,&fertilizer,&and&soil&ameliorants 43&&&&&&&&&&& 3% Other&(fuel,&trasport) 38&&&&&&&&&&& 3% Irrigation 15&&&&&&&&&&& 1% Total*cost 581********* 43% Net*income 782********* 57% Rice  farmers  can  typically  earn  ~USD  780  /  yr  /  ha   (2)   11  
  12. 12. Why  are  smallholder  farmers  poor?   Credit  is  less  available  for  the  ag  sector   •  Credit  is  not  available  for  the   agriculture  sector.  In  2010,   there  was  a  PHP  252  billion  (USD   5.7  billion)  credit  shortfall  for   agricultural  and  Bisheries     •  Banks  were  mandated  by  law   to  allocate  25%  of  their   portfolio  to  agriculture,  but   instead  opted  to  pay  penalties   given  the  ‘high-­‐risk,  high-­‐cost’   nature  of  agriculture  loans   Sources:  Oxfam   9.2%   3.2%   0%   5%   10%   15%   20%   1980   2006   The  propor-on  of  agricultural  loans  to  total  loans   has  shrunk  by  65  percent  over  the  last  two   decades   7.0%   0.9%   0%   5%   10%   15%   20%   1990   2006   The  propor-on  of  agricultural  produc-on  loans  to   total  loans  has  also  declined  by  87  percent   -­‐  65%   -­‐  87%   12  
  13. 13. Why  are  smallholder  farmers  poor?   Lack  of  organization  is  a  problem   •  Lack  of  organization  among   farmers  prohibits  them  from   realizing  economies  of  scale  and   stronger  bargaining  power   •  Agrarian  reform  policy  has   distributed  small  parcels  of  land   to  farmers  but  with  limited  other   support  such  as  credit,   knowledge,  and  market  access   Sources:  FAO,  BAS  data,  Interview  with  agriculture  experts   1   0.76   0   0.2   0.4   0.6   0.8   1   1.2   1985   2004   The  average  farm  size  has  shrunk  to  0.76  ha   ‘85  percent  of  all   Filipino  farms  are  no   more  than  5  hectares…’     -­‐  FAO  country  pro5ile   13  
  14. 14. Our  Recommendation*   Integrated   Premium   Rice   Producer   I.  Premium   rice  brand   III.   Integrated   value   chain   II.   Supportive   contract   farming   *  Inspired  by  SL  Agritech  CorporaLon’s  Doña  Maria  Premium  Rice   14  
  15. 15. I.  Premium  rice  brand   Rationale     •  Premium  rice  domestically   earns  around  80  percent  higher   than  popular  medium-­‐quality   rice.  This  product  can  earn  even   more  as  an  export  product.   •  The  higher  price  point  allows   higher  rewards  to  the  Filipino   farmer.  Our  example  company   awards  24  percent  higher  prices   than  regular  traders.   •  Premium  rice  insulates  the   company  from  the  cannibalizing   effects  of  subsidized  NFA  rice   (PHP  28/kg),  which  affects  sales   of  low  to  medium-­‐quality   commercial  rice  (PHP  30  –  38/kg)     ‘Fancy  rice  commands  a  higher   price  in  the  [export]  market  that   can  reach  $1000  per  ton,  two  or   three  times  more  than  regular   rice’s  $300  to  500  per  ton  price.’          –  SL  Agritech  Corp  newsletter   17   21   0   5   10   15   20   25   Regular  traders   SL  Agritech   PHP/  kg   SL  Agritech  is  able  to  award  24  percent  higher   prices  to  farmers  for  their  wet  palay   Sources:  Interviews,  Gintong  Bu2l  Jul-­‐Aug  2013  published  by  SL  Agritech  CorporaLon   +24%     15  
  16. 16. I.  Premium  rice  brand   Action  plan     •  Partner  with  academia  to   conduct  R&D  on  breeding   more  premium  varieties  of   rice     •  Increase  modes  for  the  public   to  sample  your  rice,  such  as   offering  ready-­‐made  rice  or  in-­‐ kind  sponsoring  at  events   •  Create  a  unique  packaging  for   the  product,  indicating  its   premium  value   China’s  Professor  Yuan  Long  Ping,  the  “father”  of   hybrid  rice   Ready-­‐made  rice  which  allows  for  easy  sampling   This  premium  rice  from  Mauri-us  offers  a  good   example  of  higher-­‐end  packaging   16  
  17. 17. II.  Supportive  contract  farming   Rationale     •  Promotes  specialization,   allowing  farmers  to  do  what  they   are  most  efBicient  at  doing  and   what  they  want  to  do   •  Realizes  increased  buyer   power  through  bulk   purchasing  of  fertilizer  and   other  agricultural  inputs     •  Consolidators  impose   structure  on  what  is  a   fragmented  group  of  land   holdings,  delivering  inputs  and   picking  up  palay  from  a  mix  of   farmer  cooperatives  and   individual  smallholder  farmers             ‘Why  would  I  want  to   dry  my  rice?  I’m  happy   just  selling  my  wet   palay  to  the  trader.  It’s   less  trouble.’      -­‐  Mr.  Casiano  Estrella,  rice   farmer  with  0.5  hectares  of  land   17  
  18. 18. II.  Supportive  contract  farming   Action  plan     •  Recruit  and  train  local  trusted   community  members  as   consolidators   •  Provide  inputs  and  train   farmers  in  more  effective   agricultural  techniques  and   construct  demo  farms  for   showcasing  your  value  to   overcome  farmers’  skepticism   •  Guarantee  buyback  of  farmer’s   rice,  removing  market  risk  for   the  smallholder  farmer   Consolidators  would  be  respected  and  trusted   figures  in  their  farming  community  and  train   farmers   PhilRice  has  demo  farms  to  show  the  possibility  of   achieving  higher  yields  with  lower  costs.  The  10-­‐5   Challenge  refers  to  a  yield  of  10  MT  with  less  than   PHP  5  /  kg  cost  of  palay   18  
  19. 19. III.  Integrated  value  chain   Rationale     •  An  integrated  value  chain   chain  ensures  strict  quality   control  of  the  product   •  An  integrated  chain  allows   better  planning  along  the   different  links  of  the  value   chain,  leading  to  improved   utilization  of  equipment  and  less   wastage     •  An  integrated  value  chain   ensures  less  erosion  of  value   for  the  company  by  cutting  out   the  middlemen  and  other   operators  e.g.  mills  along  the   value  chain   19   The  integrated  value  chain  would  cons-tute  input   provision,  rice  trading,  milling,  and  wholesale     Input  Provider   Farmer   Rice  Trader   Mill   Wholesaler   Retail  
  20. 20. III.  Integrated  value  chain   Action  plan   •  Purchase  assets  along  the   value  chain  e.g.  dryer,  mill,  and   warehouse.  Such  assets  and   funding  may  be  applied  for   through  government  programs   from  the  Department  of  Agrarian   Reform  and  the  Department  of   Agriculture   •  Integrate  management   information  systems  to   coordinate  all  links  of  the   supply  chain   This  rice  dryer  (background)  was  donated  by  the   Department  of  Agriculture  to  an  organic  rice   producer   20  
  21. 21. Our  Recommendation*   Integrated   Premium   Rice   Producer   I.  Premium   rice  brand   III.   Integrated   value   chain   II.   Supportive   contract   farming   *  Inspired  by  SL  Agritech  CorporaLon’s  Doña  Maria  Premium  Rice   21  
  22. 22. Questions?   22  
  23. 23. Appendices  
  24. 24. Input   Provider   Farmer   Rice   Trader   Mill   Wholesaler   Retailer   Appendix  IA:  Input  provider,  Nueva  Ecija   Tilah  Seed  Center   Source:  Interview   INSERT  PHOTO  HERE   •  Sells  more  Registered  and   Certified  seeds  (90%)  vs.  Hybrid   seeds  (10%)  as  the  latter  can  only   be  used  for  one  planting  and   requires  expensive  inputs  to  reap   full  higher-­‐yielding  potential     •  Transplanting  needs  40  –  80kg   of  seeds  vs.  direct  seeding   (120-­‐160kg)  per  hectare   LocaLon:  Muñoz,  Nueva  Ecija   Established:  1995  (started  because  of  dearth  of          supply  in  seeds  e.g.  in  1980s  there  were  only      18  seed  growers)   Company:  Family-­‐owned   Customers:  Over  5,000  customers   Value  Prop.:  Sells  seeds  (80%  rev)  and  ferLlizers  (20%  rev)   Key  partners:  Has  100  contract  seed  growers  and  provides      them  with  seeds,  ferLlizer,  and  credit.   Key  acLviLes:  Has  a  demonstraLon  farm  to  showcase  their      latest  seeds     Pesos%/%kg USD%/%kg Foundation 80 1.82 Registered 40 0.91 Certified 30 0.68 Prices  for  inbred  seeds   24  
  25. 25. Appendix  IB:  Rice  Farmer,  Laguna     Mr.  Casiano  Estrella   Input   Provider   Farmer   Rice   Trader   Mill   Wholesaler   Retailer   Source:  Interview   PosiLon:  Chairman,  Banca  Banca  MulL-­‐Purpose        CooperaLve   Age:    70  years  old   Farm  area:  0.5  hectares   LocaLon:  Victoria,  Laguna     •  Very  content  just  to  sell  his  wet   palay  to  the  trader  at  PHP  13-­‐17  /   kg   •  Coop  does  not  have  land  for  a   dryer   •  Smallholder  farmers  can  make  a   decent  living,  with  adequate   credit  support  from  the   cooperative  and  agricultural   techniques  imparted  by  IRRI   Palay  price  (PHP  /  kg) Dry  season 15 Wet  season 13 Palay  prices  in  Los  Baños   25  
  26. 26. Appendix  IC:  Farmer  Cooperative,  Nueva  Ecija     Bagong  Buhai  Ng  Mabini  Rice  MPC   Input   Provider   Farmer   Rice   Trader   Mill   Wholesaler   Retailer   Name:    Mr.  Florencio  Sudoy,  CooperaLve  Chairman   CooperaLve:  Bagong  Buhai  Ng  Mabini  Rice  MulL-­‐Purpose      CooperaLve  (Est.  2005,  365  members)   LocaLon:  Muñoz,  Nueva  Ecija   Total  area:  675  ha  (average  plot  =  1.8  ha)   FuncLon:  Distributes  and  finances  inputs  of  members        Dries  rice  of  members    (30  MT  /  8  hr)      Stores  rice  (20,000  bag  capacity)      Mills  rice  internally  for  personal  consumpLon      Buys  rice  from  non-­‐members   Assets:    Dryer,  mill,  warehouse,  2.5  ha  plot   Other  notes:  Profits  are  either  distributed  to  individual        farmers  or  ploughed  back  to  the  cooperaLve      for  collecLve  benefit,  such  as  educaLon,        community  development  aher  disasters   •  Farmers  have  higher  yields  in   the  dry  season  over  the  wet   season   •  Loan  size  for  members  is   typically  PHP  9,000  (USD  205)   with  a  8-­‐10%  interest  rate  per   cropping  and  4-­‐5  month  payback   period   Source:  Interview   26  
  27. 27. Input   Provider   Farmer   Rice   Trader   Mill   Wholesaler   Retailer   •  Village  mill  earns  more   revenue  on  mill  by-­‐products   e.g.  rice  bran,  hull,  so  has  no   incentive  to  increase  milling   efBiciency   •  Earns  a  decent  but  equitable   profit     •  Challenges:   –  Two  other  mills  nearby   –  Thin  margins   (commodity  service)   Appendix  ID:  Small  mill,  Bulacan   Reysan  Mill   Revenue PHP/kg kg+/+day PHP+/+day Milling&fee 0.4 4,000&&&&&&&&&&&& 1,600&&&&&&&&&& Sale&of&rice&hull 4 800&&&&&&&&&&&&&&& 3,200&&&&&&&&&& Sale&of&rice&bran 6 400&&&&&&&&&&&&&&& 2,400&&&&&&&&&& Sale&of&rice&brokens 10 320&&&&&&&&&&&&&&& 3,200&&&&&&&&&& TOTAL 10,400++++++++ Expenses PHP/kg kg+/+day PHP+/+day Operators&salary&(2&pax) 0.4 4,000&&&&&&&&&&&& 1,600&&&&&&&&&& Diesel 0.5 4,000&&&&&&&&&&&& 2,000&&&&&&&&&& TOTAL 3,600++++++++++ Gross+Profit: 6,800++++++++++ The  miller  earns  up  to  double  the  revenue  on  mill   by-­‐products  than  for  milling  fees   LocaLon:  Angat,  Bulacan   Owner:  A  wealthy  farmer   Customers:  Individual  rice  farmers,  ohen      selling  rice  for  personal    consumpLon   Value  Prop.:  Mills  rice,  sells  mill  by-­‐    products  that  include  bran      and  hull     Source:  Interview   27  
  28. 28. Angelica) (Bago) Sinandomeng Sinandomeng) (Laon) Premium) (Dinorado)from) Mindoro) Revenue&/&kg 37 34 32 46 Cost 35 31.6 30 44 Profit 2 2.4 2 2 Gross)Margin 5.4% 7.1% 6.3% 4.3% Appendix  IE:  Rice  retailer,  Manila   Vanity’s  Rice  Store,  Marikina  Market   Input   Provider   Farmer   Rice   Trader   Mill   Wholesaler   Retailer   •  Thin  gross  margins     (4-­‐7  percent)   •  Typically  sells  250kg  per  day   (PHP  500  gross  proBit  per  day)   •  Has  five  regular  suppliers  across   the  different  types  of  rice   •  Keeps  good  relations  with   regular  customers  and  also   delivers  to  restaurants   Thin  gross  margins  of  4  –  7  percent   Name:    CrisLna  Pina   LocaLon:  Markina  Market,  Manila   Customers:  Individuals,  restaurants   Source:  Interview   28  
  29. 29. Appendix  IF:  Rice  retailer,  Nueva  Ecija   Norman  Trading   Input   Provider   Farmer   Rice   Trader   Mill   Wholesaler   Retailer   •  Owner  is  required  to  sell  NFA   rice  at  PHP  28/kg,  which  is  less   than  commercial  rice  (PHP   33).  The  cost  for  NFA  rice  is  PHP   26/kg  plus  an  additional  ~PHP  1   for  the  transportation  to  the  NFA   rice  dispensary   •  Her  biggest  concern  is  not   securing  a  supply  of  rice   •  The  rice  mills  deliver  rice  to   her  shop   Name:    Myra   LocaLon:  Muñoz,  Nueva  Ecija   Established:  1981   Customers:  Individuals,  restaurants     Source:  Interview   29  
  30. 30. Appendix  IG:  Integrated  rice  producer   SL  Agritech  Corporation   Input   Provider   Farmer   Rice   Trader   Mill   Wholesaler   Retailer   •  Premium  brand  has  the   potential  to  help  the   smallholder  rice  farmer   •  Has  exported  premium  rice     to  Dubai,  LA,  Netherlands,  Hong   Kong,  and  Indonesia   •  An  integrated  value  chain   allows  for  strict  quality  control   •  This  company  formed  the   basis  of  our  recommendation   Name:    SL  Agritech  CorporaLon   Established:  1998   Company:  Family-­‐owned   ObjecLve:  Promote  the  development,            commercializaLon  and  growth  of  hybrid  rice      technology   Products:  Doña  Maria  Premium  Quality  Rice  (5  variants)      SL-­‐8H  high-­‐yielding  seeds,  bactericide,        insecLcide,  plant  energizer   Source:  Interview,  company  website   30  
  31. 31. Appendix  II:  Higher  yielding  rice   Another  potential  solution  for  raising  incomes   Revenues Inbred SL-8H Yield&(kg&/&ha) 4,500&&&& 8,000&&&&&& Price 0.36&&&&&& 0.36&&&&&&&& Total5revenue 1,6365555 2,909555555 Costs Seeds 55&&&&&&&&&& 109&&&&&&&&&& Fertilizer 335&&&&&&& 365&&&&&&&&&& Pesticides 71&&&&&&&&&& 71&&&&&&&&&&&& Labor&(incl.&harvest&+&irrigation) 636&&&&&&& 778&&&&&&&&&& Total5cost 1,0975555 1,323555555 Net5income 5395555555 1,586555555 Source:  SL  Agritech  presentaLon   •  Higher  yielding  rice  of  10  –  17   MT  /  ha  will  increase  revenue   for  farmers   •  While  the  costs  of  inputs  are   higher,  the  net  income  is   higher  because  of  higher  yields   •  However,  this  is  only  an   incremental  improvement  as   traditional  traders  are  still  in   control  of  the  value  chain   Farmers  can  almost  triple  their  income  on  a  single   harvest  using  high-­‐yielding  hybrid  seeds   SL  Agritech’s  SL-­‐8H  high-­‐yielding  hybrid  seeds   31  
  32. 32. Appendix  III:  Diversifying  rice  production   Crops  with  potential  for  supplementing  incomes   Source:  PhilRice,  Interviews   •  Corn   •  Mungbean   •  Mushrooms   •  Vermicast  (the  end-­‐product  of  the  breakdown   of  organic  matter  by  an  earthworm)   •  Ducks   •  Fish  e.g.  tilapia   32  
  33. 33. Why  not  our  original  solution?   Selling  rice  dryers/storage  did  not  suit  the  Philippines   • Government  distributes  these  devices  for  free   through  DA/DAR   • Farmers  are  often  happy  not  to  dry  their  palay   as  it  is  troublesome  and  may  not  be  proBitable   • Farmers  may  not  have  their  own  transportation   • Economies  of  scale  and  lower  buyer  costs  cannot   be  reached  this  way   Selling   dryers  &   storage   bags  on   credit   Training  on  dryer  operation  &  maintenance   Connection  to  global  markets   33  
  34. 34. 34