Over the last decade, governments in eastern and southern Africa have become increasingly involved in grain marketing via strategic reserves and marketing boards. Kenya, Malawi, Zimbabwe, Ethiopia, Tanzania, and Zambia all have one or both of these entities, and their level of involvement in grain marketing has generally increased in recent years. Yet, to date, relatively little is known about how the resurgent activities of strategic grain reserves and marketing boards are affecting market prices. This paper estimates the effects of the Zambia Food Reserve Agency’s (FRA) activities on maize market prices in the country.