BANGKOK, 24 July 2014, – The Commerce Ministry yesterday said it propose that the Rice Policy Committee allow the Ministry to resume its plan to sell about 500,000 tons of stockpiled rice monthly through all available channels, beginning next month.
The Ministry is considering selling the grain through general auctions, Government-to-Government deals, and auctions through the Agricultural Futures Exchange of Thailand.
According to the Ministry, third party inspectors from government agencies such as the Finance Ministry and the Prime Minister’s Office will be needed in order to ensure transparency in all transactions. In addition, the Ministry, in its quest to reclaim the nation’s export market share, will enlist the help of Thai Rice Exporters Association. It would also lend a helping hand to the private sector in selling the grains in particular markets.
Meanwhile, rice prices have gained a bit of momentum as the global rice production declined due to drought. The price of 5% rice was quoted at 427 dollars a ton FOB, on July 16th, a fair jump from the 410 dollars a ton quoted a week earlier.
