Dull atmosphere at rice auction for 200,000-ton paddy to be processed as parboiled rice for export

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Bangkok, 31 July 2013 Only 5 bidders submitted their offers in an auction yesterday to buy 200,000 tons of paddy in government stocks to be processed as parboiled rice for export. 

The Department of Foreign Trade said the paddy being auctioned belongs to the type containing a 5% water content, and harvested in the 2012/2013 cropping season.

According to the Department, 5 interested entrepreneurs participated in the bidding. They are Chaiyaporn Rice and Food Products Company, Capital Rice Company, Asia Golden Rice Company, Kamonkij Company, and Royal Richy Rice Company.

Earlier the Thai Rice Exporter Association pointed out that tough bidding regulations and the uncertainty in the quality of rice in government stockpiles have caused small-scaled rice entrepreneurs to shy away from the ongoing rice auction.

The Government mandates winners of the rice auction to export the product within 45 days. Failing to do so, they will face a fine of 25% of the value of rice in delay.

The offers for the 200,000 paddy will be read later this afternoon (Wednesday, July 31).