One million tons of rice in government stockpile to be auctioned off this month

General Chatchai Sarikulya, the minister of commerce, has given his approval for the Department of Foreign Trade to announce the auctioning of one million tons of rice within the government's stockpile. The one million tons of rice consists of both quality rice and substandard rice. Bids are expected to be submitted starting in the middle of this month. The minister believes the entire one million tons will be sold out due to high demand from the market following the end of the off-season rice cultivation period. Since the beginning of the year, close to three million tons of rice has been released from the government's stockpile.

As for the G2G rice deals with China, Gen. Chatchai disclosed that a contract of sale for 1 million tons of new rice and one million tons of old rice will be signed in July. In the meantime, Thailand has already delivered 400,000 tons of rice to China under a previous contract for the purchase of one million tons of rice that was signed last year. Another 100,000 tons will soon be delivered in accordance with this contract.

Gen. Chatchai said the Ministry of Commerce will also bid for the sale of rice to the Philippines this month. The commerce minister expressed confidence that rice exports would reach 10 million tons this year.

Source: National News Bureau & Public Relations

Source: www.thairiceexporters.or.th