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Thai Ministry to sell rice stocks at tender on Monday
Dow Jones, Bangkok, April 29, 2004
Thailand's Commerce Ministry will sell around 2 million metric tons of rice stocks to exporters at a tender scheduled for Monday, Commerce Minister Watana Muangsook said Thursday.
The rice to be sold at the tender is from the government's price intervention programs for the 2001-02, 2002-03 and 2003-04 crop year, Watana said.
Exporters can submit bids from 10 a.m. to noon local time (0300-0500 GMT) and results will be disclosed at 2.30 p.m. local time (0730 GMT), Watana said. He didn't say when the tender results will be announced publicly, however.
"I will pick exporters who offer the best prices to negotiate for the best deal," he said.
Exporters awarded the tender will have to export the rice, Watana said.
"I don't think the sale will hurt the domestic rice market and prices as the rice supply in farms are running out while demand is growing," he said.
Thailand is the world's largest rice exporter. It shipped a record of around 7.6 million tons of rice in 2003 and expects to export around 8.5 million tons in 2004.
MGR Archive 29.4.2004
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Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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