Min of Commerce: Upcoming rice sales to see higher bids

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BANGKOK, 5 August 2015 – The Commerce Minister, Gen. Chatchai Sarikalya, has voiced his confidence the upcoming rice sales will enjoy higher prices thanks to the global trend.

General Chatchai has also disclosed that revenues to be generated from the auction of 600,000 tons of rice should be higher in line with the upward global demand. Unmilled 5% white rice currently fetches 9,000 baht per ton.

According to the Thai Rice Mills Association, prices of unmilled rice in the country have begun to rise since June, following the world’s growing demand and the National Council for Peace and Order’s decision to thoroughly inspect rice stocks across the country, which caused the domestic market to face a supply delay.

Gen Chatchai added that the Ministry of Commerce will, with careful consideration, continue to put the remaining quality rice up for sale. The ministry, in addition, is conducting lab tests on all sub-standard rice in order to be able to choose only usable stocks for auction. This is to prevent bidders from complaining about the quality of goods in their attempt to force the prices down.