Thailand will dump 3.1 million tonnes of rice on the market from its
stockpiles to clear warehouse space for a new buying scheme. This is equivalent
to around a third of its 2007 exports.
Traders said that would add to the downward pressure on Thai rice prices,
which have already fallen more than 40 percent from a record high of $1,080 per
tonne in April, with exporters putting in low bids to ensure they remained
competitive with Vietnam.
"The rice is from stocks that we bought from
farmers during previous intervention schemes since 2005," Thailand's minister of
Commcerce Chaiya Sasomsab told Reuters. He added that the rice could be sold to
either domestic or foreign buyers.
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