Thread: Auctions for 11.4 million tonnes of leftover rice to begin next week

The Commerce Ministry will put on sale 11.4 million tonnes of leftover rice by auctions of one million tonne each beginning next week, said commerce permanent secretary Ms Chutima Boonyaprapat on Tuesday.

According to Post Today, the Rice Policy and Management Committee chaired by Prime Minister Prayut Chan-ocha endorsed the sale by auctions of the leftover rice totaling 11.4 million tonnes with the next two months.

Ms Chutima said the next two months would be the right timing to release the leftover rice from the stockpiles because farmers now do not have rice in their barns and because of the drought problem.

The 11.4 million tonnes of leftover rice are divided into three portions: the first portion, between 100,000-200,000 tonnes of good quality rice; the second portion of C-grade or low quality rice which is divided into two lots – 7.5 million tonnes with 20 percent substandard rice and 1.5 million tonnes with over 20 percent of substandard rice; and the third portion of 2.4 million tonnes of degraded rice.

Ms Chutima estimated that the state would earn at least 100 billion baht from the sale of all the rice depending on global market prices.

The rice will be put on sale through auction at one million tonnes each with the first auction scheduled next week with the C-grade rice to be auctioned first. As for the C-grade rice with more than 20 percent content of substandard rice, the auction will be for the entire rice in each warehouse.

Meanwhile, Agriculture Minister Chatchai Sarikalya said it had been resolved that only 61 million rai of land are to be allowed for rice cultivation for the 2516-17 season instead of between 61-65 million rai.

Total rice production was estimated at 27.17 million tonnes – about two million tonnes more than the original target. Local consumption was estimated at 10 million tonnes of milled rice with 9.5-10 million tonnes of surplus for exports.

Auctions for 11.4 million tonnes of leftover rice to begin next week - Thai PBS English News

Agriculture Minister Chatchai Sarikalya said it had been resolved that only 61 million rai of land are to be allowed for rice cultivation for the 2516-17 season instead of between 61-65 million rai.

How are they going to enforce that?

If you look up the definition of caveat emptor it will say it is especially useful when discussing the thai government selling anything.

Didn't know they spoke Latin in Thailand.

What's the Thai for "Buyer beware"? Som nam na..