BANGKOK, 8 July 2015, Private companies bidded on 1.148 million tons of rice during the fourth rice auction of 2015, the highest amount sold in an auction since the current government took office.
This bidding round aimed at selling 1.3 million tons of rice. 55 private entities submitted bids for 1.148 million tons of rice, but only 33 offers satisfied the minimum bid. The amount of rice sold was worth at least 10 billion baht.
Department of Foreign Trade Director General Duangporn Rodphaya revealed that rice supplies in the market have reduced, due to the severe drought conditions in the country. The higher demand allowed the government to sell the most rice in a single auction.
Global prices have also increased by 500 baht, presenting a good opportunity for the government to sell its stockpile. Including this bidding round, the total number of rice sold is 3.8 million tons, valued at more than 40 billion baht.
There are 14 million tons of stockpiled rice remained in the government’s warehouse.
