Government rice stocks near depletion

Government rice stocks near depletion

 

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BANGKOK, 16 May 2018 (NNT) – Thailand's Department of Foreign Trade (DFT) has announced that over 14.8 million tons of the more than 18 million tons of rice in government stocks, acquired through pledging since May of 2014, has been released to market and the stocks are likely to be depleted by next month. 

DFT Director-General, Adul Chotinisakorn, said a general auction of consumer grade rice covering 44,000 tons will start this week with registration of bidders. A significant number of private buyers are expected to take part in the auction. 

Another 1.5 million tons of industrial grade rice will begin to be auctioned from June 14 with another 500,000 tons of rice not consumable by people or animals to be put to auction from June 15. Each type of rice must be purchased and put to use according to its grade with legal repercussions for misapplication. 

Adul pointed out that the depletion of the government rice stock will alleviate downward pressure on the price of Thai rice. Currently, Thai Hom Mali rice is priced at 1,161 USD per ton and 5 percent white rice is priced at 450 USD per ton.

 
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-- nnt 2018-05-16
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