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Good price expected when 1.11million tonnes of rice goes to auction

Jun 27. 2016
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By The Nation

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The Rice Policy Management Committee Monday agreed to sell 1.11 million tonnes of rice to 29 traders, which should earn the country Bt11.54 billion.

Duangporn Rodphaya, director-general of the Foreign Trade Department, said that with demand for rice rising in the market, the government could gain a good price from the latest auction.

The traders were among the 64 that joined the year’s fourth round of bidding for 2.23 million tonnes of rice.

The government has managed to dispose of 6.59 million tonnes of its rice worth Bt69 billion via tender in the past two years, leaving 9.5 million tonnes in its inventory. It will try to unload as much of this rice as possible this year.

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