Commerce Min to quickly sell more of pledged rice via Agricultural Futures Exchange and G2G deals

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BANGKOK, 22 Nov 2013 The Department of Foreign Trade (DFT) has revealed that the Government will quickly sell more pledged rice via the Agricultural Futures Exchange of Thailand (AFET), government-to-government deals and a business matching approach between rice mills and exporters. 

DFT Director-General Surasak Riengkrue also said a rice auction was conducted on Monday with a view to selling 452,000 tons of stockpiled rice bought during 2011/2012 to 2012/2013 harvesting seasons.

Mr. Surasak said that the subcommittee on pledged rice clearance chaired by himself, would soon ask Minister of Commerce Niwatthamrong Bunsongphaisan to sell 200,000 tons of the aforementioned batch of rice to the four bidders.

The companies are Royal Richie Rice, Asia Golden Rice, Capital Cereals, and CP Rice.

The DFT will also ask the Commerce Ministry to sell 3 to 400,000 tons of Jasmine rice to be harvested from the 2013/2014 season to exporters who join the rice mill – exporters matching program. The sale is expected to bring in approximately 8 billion baht.