Govt to release 2m tonnes of rice
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The Commerce Ministry plans to auction 2 million tonnes of rice from the 16-million tonne stockpiles within the next two months.
Commerce Permanent Secretary Chutima Bunyapraphasara said that the release was approved today by the National Rice Policy Committee, which is chaired by Prime Minister Gen Prayut Chan-o-cha.
She is convinced that the auction would not further pressure rice prices, as the second crop will be in the market this month. Paddy rice price is expected to remain at Bt8,200-Bt8,500 a tonne.
She is confident that Thailand's rice exports this year would reach the 10 million-tonne target, following the 3.4 million-tonne shipments in the first five months.
She said that over 10 million tonnes in the stockpiles have degraded. Surveyors will be invited to a discussion soon, to find ways that will minimise the government's losses.
