Bids for 350,000 tonnes of rice not all achieved, but successful overall

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BANGKOK, July 29 – The Commerce Ministry today announced success in conducting its bids for 350,000 tonnes of rice under the rice pledging scheme.

Commerce Minister Niwatthamrong Boonsongpaisarn said the Rice Release Sub-commitee will need to negotiate with bidders for 200,000 tonnes of A1 extra super broken rice to be sold in domestic and overseas markets and 150,000 tonnes of 5 per cent white rice in a whole batch for export.

Three rice traders — Capital Cereal Co, Asia Golden Rice Co and Chaiporn Rice and Food Products Co — won bids for a total of 60,000 tonnes of 5 per cent white rice from six warehouses while Ponglarp Co was negotiating with the ministry for the purchase of 30,000 tonnes of A1 extra super broken rice, he said.

He said the release of 90,000-100,000 tonnes of rice in the latest deals failed to reach the target but the bids were successful, admitting that rules and regulations for the next bids will have to be adjusted to meet with the private sector’s business procedure including a more relaxed time frame so that potential bidders have enough time to study details.

He gave assurances that the prices from the latest bids were appropriate but he refused to disclose what the bids were, claiming that it could affect the next auctions.

Rice traders will submit their bid prices for 200,000 tonnes of 5 per cent paddy from the 2012/2013 harvest season with the Commerce Ministry. The paddy will be dehusked and processed as parboiled rice for export.