Thailand’s Ministry of Commerce has announced the second auction of rice of 140,000 tons of all grade on 12 September 2014.The First auction was carried to sell 167000 tone of thai rice .
The Ministry has decided to make the auction more flexible than the earlier auction and has decided to sell all varieties of rice including glutinous rice, jasmine rice and broken white rice from 2014-15 crop.
The military regime has halted the sale of rice due to the inspection of the warehouses to check the quantity and quality of the rice in the warehouses.This is the second auction by the military regime to clear the rice stock under Rice Pledging Scheme
First auction was conducted on August 7 to sell 167,000 tons of rice but could sell only 73,000 tons as bids received were lower than the prescribed floor price.
The Thai exporters and the Commerce Ministry are also simultaneously working to negotiate government-to-government deals with various governments. They are expecting to export nearly 10 million tons this year. The price of common grade 5% broken white rice currently stands at $430 per ton, according to local sources.
Thai Rice Exporters Association (TREA). has reported that the in the first seven months of 2014 Thailand has exported around 5.62 million tons of rice which is up about 55 % from the same period in 2013 which was recorded around 3.61 million tons