The Thailand government has decided to sell another 21 million tons of its stockpiled rice in coming two months in order to minimize the effects of new crop and also to clean up the previous stock.
In a meeting held between rice management and policy committee, the decision was taken to release another 2 miliion tons of stockpiled rice. Chutima Bunyapraphasara, the permanent secretary of the Ministry of Commerce, disclosed that the discussion regarding the release of 16 million tons of rice in the government’s stockpile was held. Of the figure, 5 million tons are high-quality rice. Two million tons have already been sold, and another two million will be sold within two months.
Of the stockpile, 10 million ton of rice is of low quality. The Commerce Ministry has called upon several companies to detect this portion of rice and tell the Ministry whether the rice is good for human or animal consumption?. If the rice is unfit for both then it will be sold to ethanol or alcohol factories.
By selling 16 million tons of this stockpiled rice, Thai government would be able to earn 200 billion baht against its actual acquired cost of about 600 billion baht during the past government.
From the beginning of year 2015,thai government has been able to sell 3.4 million tons of rice. The commerce ministry expects to sell the rice at between 8,200-8,500 baht per ton.