Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Thai government slows down state rice buying scheme
BANGKOK , The Thai government said on Monday it would be less active in buying rice from farmers under a state buying scheme, a move traders said would ease tight supply.
Thailand, the world's top rice exporter, ships around half a million tonnes of rice each month.
"We have instructed all state agencies throughout the country to be more strict on buying rice from farmers," said Siripol Yodmuangcharoen, director-general at the commerce ministry's internal trade department.
"The market price is now higher than the government's intervention prices. It does not make sense for farmers to come to us, they will make more money selling to private exporters," Siripol told Reuters.
The local price for five percent broken paddy grade was quoted on Monday at 5,100 baht per tonne ($ 123/tonne), versus last week's 4,900 baht.
The government set an intervention price for five percent broken paddy grade at 4,880 baht/tonne ($ 117/tonne).
As of June 12, the government had bought 1.28 million tonnes of paddy from farmers under the scheme, Siripol said.
"From now on, if farmers still want to sell rice to the government, they have to come up with really good reasons."
Bangkok began buying rice from the country's smaller 2002/03 second crop on March 20. Under the scheme, which will run to July 31, it aims to buy two million tonnes of rice.
The commerce ministry estimates about five million tonnes of rice has been produced in the second crop.
Traders said the government's new policy is supportive for the market.
"The market has been tight for two months with local prices staying firm because the government has been actively buying rice from farmers," said one exporter.
"With the new policy, a lot of fresh supply would be left available for us," he said.
MGR Archive 18.6.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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