Rice prices drop to 8,000 – 8,200 baht per ton

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BANGKOK, 7 Mar 2014, The prices of rice have dropped to the range of 8,000 – 8,200 baht per ton for grain with 15% moisture content, according to the media reports, predicting that prices may dive even further down to 7,000 baht per ton.

Rice millers are now offering the said prices only for off-season rice, as rice farmers have begun to unload their freshly harvested crops, the reports indicated, citing the 7,000 baht per ton price is the lowest level in 6 years.

Currently, rice traders are keeping their eyes on the government’s policies on the management of its stockpile of rice, as its rice pledging scheme will soon come to an end. Analysts pointed out that the government might rush to sell the stockpiled rice to obtain the money to pay rice farmers who have yet to receive the rice pledging program money, forcing the prices to drop further.

According to the Commerce Ministry’s record, the price during the first 3 months of 2009 was quoted at 2,125 baht per a 100-kilogram sack of white rice; currently, millers offer only 1,475 for each 100-kilogram sack.