Another rice auction of 200,000 tonnes by the military regime to clear the rice stock under Rice Pledging Scheme has expected this week.The auction involves the sale of mainly white and broken rice.
In a meeting chaired by the Foreign Trade Department’s director-general, a decision was taken to sell 80,000 tonnes of 5% white rice and 120,000 tonnes of broken rice.
Terms and conditions for the auction will be unveiled this week and interested bidders will be required to submit there interest on Oct 22.
Duangporn Rodphaya, director-general of the department said that the auction must be speeded up so that we can wound up till the end of this month as new crop will arrive the market in the mid of the November.
The earlier two rice auctions were worth of 1.6 billion baht.
After finding the former Prime Minister Yingluck Shinawatra guilty under failed rice pledging scheme, the military has halting rice sales to carry out nationwide inspections.
After the inspection to recover the losses under the scheme, the government has sold of 167,000 tonnes on Aug 7 from stockpiles.
The military regime last month decided to sell an average of 500,000 tons a month from existing state rice stocks and dispose of the existing 18-million-tonne surplus within three years through four channels.
These four channels are:
- General Auction
- Government-to-government sales,
- Direct sales
- Agricultural Futures Exchange of Thailand.
The Agriculture Ministry has estimated rice supply for the year 2015-16 at 37 million tones of paddy of which 27 million for main crop and another 10 million from second crop.
Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association has urged the government to make the auctions with small quantity so that the prices for the coming harvest could not be affected.