According to the local sources, the Thai Commerce Ministry is planning to auction over 668,000 tons of stockpiled rice on August 11, 2015.Further, Director-General of the Foreign Trade Department told that in this auction a total of about 668,000 tons comprising of 11 types of rice would be auctioned. Currently the rice has been stored in warehouses under the Public Warehouse Organization and the Marketing Organization for farmers in the country.
In this context, the Ministry informed that bidders are supposed to submit documents on August 10 and the names of qualified bidders are schedule to be announced on next day in the morning of August 11. Qualified bidders, thereafter can submit their bids until afternoon and the winners will be announced on the same day accordingly.
The sources also informed that this is the 5th auction in this year and 9th one after the military government took over in May 2014.The government has sold around 3.88 million of rice raising around 40 billion baht (around $1.15 billion) from the total eight auctions. As per report, the military government is still holding around 15.11 million tons of rice in its stockpiles and is planning to auction around 1.29 million tons of spoilt rice for industrial use in this month.