Process Management

News last update:6 Aug 2012

Thailand to dump rice on market

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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