Thai officials to brain-storm for ways to off-load rice stock, as global glut hit sales

Rice fields near Chiang Mai, Thailand. Campos ...

Rice fields near Chiang Mai, Thailand. Campos de arroz cerca de Chiang Mai, Tailandia. (Photo credit: Wikipedia)

Globally, there is a glut of rice as production has been robust, pushing down price, making Thai rice, at higher price from a subsidy scheme, more un-competitive. The Thai government is seeking other channels to sell its record high rice stocks after unsuccessful export tenders in recent weeks, a senior official said yesterday. Prices remain under pressure due to over-supply concerns, with major rice exporting countries about to harvest bumper crops as Thailand struggles to offload what is said to be a record stockpile. “Since we did not succeed in selling rice via tenders, we will meet again later this week to seek new methods to offload substantial amount of rice from our stocks,” said Pranee Siriphan, head of the Commerce Ministry’s Department of Foreign Trade, which oversees the government rice stocks sale. On Tuesday, the government tendered to sell 110,000 tonnes of white rice, but received only bids for 30,000 tonnes of rice. (Source)

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