Thailand: High priced rice stock to go to general auction on May 24

17.05.2017

The Ministry of Commerce is to open auctions for 1.82 million tons of state rice stock to the general public this May 24 with exporters noting the favorably high price of Thai rice at this time.

A Ministry of Commerce report has indicated the Department of Foreign Trade will soon be announcing the Terms of Reference (TOR) for participating in the second state rice auction for this year. The 1.82 million tons to be put to general auction will include this year's final batch of export grade rice. Interested buyers can view the stocks this week and if approved will be able to place bids on May 24.

Honorary Chairman of the Thai Rice Exporters Association Chookiat Opaswong remarked that the upcoming auction is a strong opportunity for both buyers and the state as the price of Thai rice has risen to a peak due to high demand on the African continent. The high volume of export in recent months as hiked the price of rice by 1,000 baht per ton.

Chookiat sees the high lasting for another month before competition between Thai and Indian rice dampens the rate.


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