Thai Commerce Ministry Seeks To Trim Rice Price

[473geo]

A good move to lower the subsidy on the second crop, it is the one crop farmers who require a good fixed rate per kg, and if the kg price for these farmers remains in place, votes are safe

.

And now that we know that they are NOT going to lower the subsidy, I'm interested to hear the spin about how that move to not change the subsidy is still, somehow, "a good move."

.

To reduce/limit the subsidy on the second crop is a good idea....in my opinion.......but then again I am in the one crop area.......could be described as self interest so better leave these decisions to the government

[rubl]

What ever posters here think, the government is not changing it's mind or policy regarding rice price pledging. 2011-2012 saw only THB 400 billion involved and for 2012-2013 400 billion more has been secured, although upto 160 billion will come from sales of rice in stock.

Surely this wonderful plan can be continued for a few more years. We have enough space to store rice, we keep G2G selling and anyday now we'll transparently show who got rich.

PS rumours that foreigners are profiting from this scheme are unfounded

[waza]

A good move to lower the subsidy on the second crop, it is the one crop farmers who require a good fixed rate per kg, and if the kg price for these farmers remains in place, votes are safe

.

And now that we know that they are NOT going to lower the subsidy, I'm interested to hear the spin about how that move to not change the subsidy is still, somehow, "a good move."

.

To reduce/limit the subsidy on the second crop is a good idea....in my opinion.......but then again I am in the one crop area.......could be described as self interest so better leave these decisions to the government

I believe its the real PM that is pulling the string on this and all other scams schemes.......

Thaksin Shinawatra has claimed the Yingluck government's rice pledging scheme will reap economic gains three times its costs in a matter of a few years.Apparently, his idea was to have the Yingluck government withhold its rice stockpile for at least two or three years, then export it later on when the world market price is supposed to rise. - See more at: http://www.nationmultimedia.com/opinion/Rice-gamble-could-be-an-expensive-fiasco-30200175.html#sthash.gDV2ZLxl.dpuf

[AleG]

A good move to lower the subsidy on the second crop, it is the one crop farmers who require a good fixed rate per kg, and if the kg price for these farmers remains in place, votes are safe

.

And now that we know that they are NOT going to lower the subsidy, I'm interested to hear the spin about how that move to not change the subsidy is still, somehow, "a good move."

.

To reduce/limit the subsidy on the second crop is a good idea....in my opinion.......but then again I am in the one crop area.......could be described as self interest so better leave these decisions to the government

I believe its the real PM that is pulling the string on this and all other scams schemes.......

Thaksin Shinawatra has claimed the Yingluck government's rice pledging scheme will reap economic gains three times its costs in a matter of a few years.Apparently, his idea was to have the Yingluck government withhold its rice stockpile for at least two or three years, then export it later on when the world market price is supposed to rise. - See more at: http://www.nationmultimedia.com/opinion/Rice-gamble-could-be-an-expensive-fiasco-30200175.html#sthash.gDV2ZLxl.dpuf

Aye, three times RoI, but whose investment?

The thing with an unelected, foreign person setting policy is that there's no transparency or accountability; elected MPs have to declare their assets and renounce any investments or company ownership that would lead to a conflict of interest. How can the Thai public, the voters, know if Thaksin's policies are not for his private benefit? How can he be audited to rule out he is using his (unelected) position to enrich himself? and what can be done if it's found to be so? Impeach him, a parliamentary vote of no confidence?

To make things worse Thaksin has a long history of using his influence in state matters to benefit himself.

As I quoted before from a presentation on corruption: Government use of public funds + No transparency + no accountability = corruption.

[allan michaud]

A total of 29.65 million tonnes of rice has been entered to the

government stockpiles, with warehousing adding to the cost of the

programme - approximately Bt800 a month per tonne.

Thats a pretty scary number. Not sure how many tons of this rotten "quality" rice they have been warehousing. So lets just assume ,on average, it has been 10 million tons stored over the last 18 months. At present there is 18.2 mil tons stored.

10,000,000x800= 8,000,000,000x18months = 144,000,000,000 This just for rice.There are 14 other crops that have been pledged similarly.

No reports as of yet how much rice has been lost (rotted) to extended storage. But there there has been reports of other pledged crop loss.

Over 10,000 tonnes of rubber in these three provinces was left to decay, causing about one billion baht in damage

The government faces a problem of deteriorating quality of red onions. Bt289 million worth of the pledged crop is rotten.

Some more crop pledging scams schemes:

The price of cassava remains low at Bt1.30-Bt1.90 per kilo, while the pledging price is Bt2.75-2.90

The government needs to raise its pledging budget for garlic to Bt1.6 billion

I read this as there currently being 29.65m tonnes in storage, which equates to 23billion a month in storage fees alone!

[GentlemanJim]

A total of 29.65 million tonnes of rice has been entered to the

government stockpiles, with warehousing adding to the cost of the

programme - approximately Bt800 a month per tonne.

Thats a pretty scary number. Not sure how many tons of this rotten "quality" rice they have been warehousing. So lets just assume ,on average, it has been 10 million tons stored over the last 18 months. At present there is 18.2 mil tons stored.

10,000,000x800= 8,000,000,000x18months = 144,000,000,000 This just for rice.There are 14 other crops that have been pledged similarly.

No reports as of yet how much rice has been lost (rotted) to extended storage. But there there has been reports of other pledged crop loss.

Over 10,000 tonnes of rubber in these three provinces was left to decay, causing about one billion baht in damage

The government faces a problem of deteriorating quality of red onions. Bt289 million worth of the pledged crop is rotten.

Some more crop pledging scams schemes:

The price of cassava remains low at Bt1.30-Bt1.90 per kilo, while the pledging price is Bt2.75-2.90

The government needs to raise its pledging budget for garlic to Bt1.6 billion

I read this as there currently being 29.65m tonnes in storage, which equates to 23billion a month in storage fees alone!

And that is not far off $1 Billion US per month, just to store frigging rice....and some people still do not see this as a scam. I guess we should be accurate for those red apologists that may scream 'drama Queen', so more accurately it is about $800 Million USD per month to store rice. Think about that for a moment folks in real numbers, to put that in perspective, just to store the rice is costing twice the annual Defence budget in Thailand. the Annual Defence budget In Thailand has ranged between 4.3 and 5.1 Billion USD per year over the last few years. A rough approximation puts the annual rice storing fees at 9.6 Billion USD!! That is about 3% GDP, the countries entire health budget is only 3.9% GDP!!!. Now tell me if you think all that cash is just going to the MP's, Governors and Ministers families that own the storage facilities. When Thaksin was PM, he had to be careful and just play at ripping the country off. He is now sat in Dubai raping the treasury, and Tarit and the DSI are paid off to look at what Abhisits tyre pressures are. The entire situation is utterly mental.

Edited March 6, 2013 by GentlemanJim

[smedly]

and Tarit and the DSI are paid off to look at what Abhisits tyre pressures are.

you made me laugh when I read that - That has got to be TV quote of the month

funny s$#%t that

[Buchholz]

.

The flip-flopping on the keeping the same subsidized price, from lowering it, to not lowering, to lowering it, to the latest of not lowering it... speaks a lot about how tenuous nature the whole scheme is dissolving into.

.

Edited March 7, 2013 by Buchholz

[OzMick]

.

The flip-flopping on the keeping the same subsidized price, from lowering it, to not lowering, to lowering it, to the latest of not lowering it... speaks a lot about how tenuous nature the whole scheme is dissolving into.

.

PTP and Thaksin have painted themselves into a corner and are squirming as they desperately seek a way to get out without making it obvious that "the world's greatest businessman" is an economic imbecile. Hopefully, eventually there will be a calling to account for this disaster and every PTP minister and MP who profited from this boondoggle scam will be forced to write reimbursement cheques from their jail cell.

Edited March 7, 2013 by OzMick

[Buchholz]

.

The flip-flopping on the keeping the same subsidized price, from lowering it, to not lowering, to lowering it, to the latest of not lowering it... speaks a lot about how tenuous nature the whole scheme is dissolving into.

.

.

PTP and Thaksin have painted themselves into a corner and are squirming as they desperately seek a way to get out without making it obvious that "the world's greatest businessman" is an economic imbecile. Hopefully, eventually there will be a calling to account for this disaster and every PTP minister and MP who profited from this boondoggle scam will be forced to write reimbursement cheques from their jail cell.

.

Another day, another flip-flop.

Today, PM's Office Minister Nawatthamrong Boonsongpaisan admitted that the government needs to sell its huge mountain of stored rice at a loss and that the loss will occur because the pledged price is much higher than what the market currently bears.

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

Previously the government had insisted that they would not sell the stockpiled rice at a loss and would wait for the price on the world market to rise, but that has apparently been abandoned now.

Meanwhile, Commerce Minister Boonsong Teriyapirom announced that the right time to sell off its rice is now.

,

[Mosha]

They'll have to sell it at gun point. Buy it or we'll shoot.

[apetley]

By announcing that they have to sell off their huge stock of rice I suspect they are about to understand just how Gordon Brown felt when he announced his intention to sell off British gold reserves. The price plummeted!

[Pimay1]

I thought all the unseen g to g contracts were suppose to start paying back the outstanding debt of this scam.

[Robby nz]

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

So it would seem that Yingluck is quite prepared for the country to lose half a trillion Baht of taxpayers money on the scheme..................................up to now?

I think if I was a Thai taxpayer, other than VAT, I would be highly peed off.

If what I read is correct and the world price of rice is dropping because of an oversupply then this can hardly be a great time to get into the market with 18 or so million tons.

Surely the result can only be to depress the price farther.

And to sell it all off can only disappoint the countries that have already done CtoC deals.

[dcutman]

.

The flip-flopping on the keeping the same subsidized price, from lowering it, to not lowering, to lowering it, to the latest of not lowering it... speaks a lot about how tenuous nature the whole scheme is dissolving into.

.

.

PTP and Thaksin have painted themselves into a corner and are squirming as they desperately seek a way to get out without making it obvious that "the world's greatest businessman" is an economic imbecile. Hopefully, eventually there will be a calling to account for this disaster and every PTP minister and MP who profited from this boondoggle scam will be forced to write reimbursement cheques from their jail cell.

.

Another day, another flip-flop.

Today, PM's Office Minister Nawatthamrong Boonsongpaisan admitted that the government needs to sell its huge mountain of stored rice at a loss and that the loss will occur because the pledged price is much higher than what the market currently bears.

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

Previously the government had insisted that they would not sell the stockpiled rice at a loss and would wait for the price on the world market to rise, but that has apparently been abandoned now.

Meanwhile, Commerce Minister Boonsong Teriyapirom announced that the right time to sell off its rice is now.

,

Thailand’s 5% broken rice is being offered around $554 per ton loaded on

ships at the port of origin, way above the prices of $400 per ton, $443

per ton and $425 per ton for corresponding grades of rice from Vietnam,

India and Pakistan, traders say. http://blogs.wsj.com/searealtime/2013/02/26/global-rice-prices-expected-to-drop/

I wonder how much lower the above prices will go after this news gets around. Not to mention the news about the rotten rice that was discovered.

[Buchholz]

.

PM's Office Minister Niwatthamrong Boonsongpaisan...

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program...

.

.

Given the foregoing and the monumental task in front of him, I thought it the opportune moment to show the good minister...

as it may be the last time he ever smiles...

Good luck, Khun Niwatthamrong... yer gonna need it.

.

[AleG]

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

So it would seem that Yingluck is quite prepared for the country to lose half a trillion Baht of taxpayers money on the scheme..................................up to now?

I think if I was a Thai taxpayer, other than VAT, I would be highly peed off.

If what I read is correct and the world price of rice is dropping because of an oversupply then this can hardly be a great time to get into the market with 18 or so million tons.

Surely the result can only be to depress the price farther.

And to sell it all off can only disappoint the countries that have already done CtoC deals.

Unless you have insider information ,then you can make a killing at the stock market by fore knowledge of Thailand dumping a mountain of rice at a loss at this time.

[Pimay1]

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

So it would seem that Yingluck is quite prepared for the country to lose half a trillion Baht of taxpayers money on the scheme..................................up to now?

I think if I was a Thai taxpayer, other than VAT, I would be highly peed off.

If what I read is correct and the world price of rice is dropping because of an oversupply then this can hardly be a great time to get into the market with 18 or so million tons.

Surely the result can only be to depress the price farther.

And to sell it all off can only disappoint the countries that have already done CtoC deals.

Unless you have insider information ,then you can make a killing at the stock market by fore knowledge of Thailand dumping a mountain of rice at a loss at this time.

Insider information in Thailand? Now, now who would have thunk it?

http://www.nationmultimedia.com/2007/04/30/pda/headlines_30033018.html

[waza]

.

The flip-flopping on the keeping the same subsidized price, from lowering it, to not lowering, to lowering it, to the latest of not lowering it... speaks a lot about how tenuous nature the whole scheme is dissolving into.

.

.

PTP and Thaksin have painted themselves into a corner and are squirming as they desperately seek a way to get out without making it obvious that "the world's greatest businessman" is an economic imbecile. Hopefully, eventually there will be a calling to account for this disaster and every PTP minister and MP who profited from this boondoggle scam will be forced to write reimbursement cheques from their jail cell.

.

Another day, another flip-flop.

Today, PM's Office Minister Nawatthamrong Boonsongpaisan admitted that the government needs to sell its huge mountain of stored rice at a loss and that the loss will occur because the pledged price is much higher than what the market currently bears.

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

Previously the government had insisted that they would not sell the stockpiled rice at a loss and would wait for the price on the world market to rise, but that has apparently been abandoned now.

Meanwhile, Commerce Minister Boonsong Teriyapirom announced that the right time to sell off its rice is now.

,

But what does the economic guru and convicted criminal Thaksin say?

February 17, 2013 1:00 am

Thaksin Shinawatra has claimed the Yingluck government's rice pledging scheme will reap economic gains three times its costs in a matter of a few years.

Apparently, his idea was to have the Yingluck government withhold its rice stockpile for at least two or three years, then export it later on when the world market price is supposed to rise.

What a massive loss of face for Thaksin, the convicted criminals reputation as a businessman and Thailand as a nation. This is only dwarfed by the massive financial loss to the Thais treasury. Its enough to make you cry.

Thaksin's core money is now believed to be worth not more than US$500 million. Http://www.plushasia.com/article/1353

Edited March 7, 2013 by waza

[pedro01]

.

The flip-flopping on the keeping the same subsidized price, from lowering it, to not lowering, to lowering it, to the latest of not lowering it... speaks a lot about how tenuous nature the whole scheme is dissolving into.

.

This is how all Thai governments set policy - announce, see who gets upset, backtrack....

[pedro01]

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

So it would seem that Yingluck is quite prepared for the country to lose half a trillion Baht of taxpayers money on the scheme..................................up to now?

I think if I was a Thai taxpayer, other than VAT, I would be highly peed off.

If what I read is correct and the world price of rice is dropping because of an oversupply then this can hardly be a great time to get into the market with 18 or so million tons.

Surely the result can only be to depress the price farther.

And to sell it all off can only disappoint the countries that have already done CtoC deals.

Unless you have insider information ,then you can make a killing at the stock market by fore knowledge of Thailand dumping a mountain of rice at a loss at this time.

Trouble is - even dumping it isn't that easy.

As I understand it the WTO expressly forbids it. Not only that, it's going to cause a LOT of friction between Thailand and other rice selling governments as they crash the price of rice.

I see rice @ $200.

[Nickymaster]

.

The flip-flopping on the keeping the same subsidized price, from lowering it, to not lowering, to lowering it, to the latest of not lowering it... speaks a lot about how tenuous nature the whole scheme is dissolving into.

.

.

PTP and Thaksin have painted themselves into a corner and are squirming as they desperately seek a way to get out without making it obvious that "the world's greatest businessman" is an economic imbecile. Hopefully, eventually there will be a calling to account for this disaster and every PTP minister and MP who profited from this boondoggle scam will be forced to write reimbursement cheques from their jail cell.

.

Another day, another flip-flop.

Today, PM's Office Minister Nawatthamrong Boonsongpaisan admitted that the government needs to sell its huge mountain of stored rice at a loss and that the loss will occur because the pledged price is much higher than what the market currently bears.

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

Previously the government had insisted that they would not sell the stockpiled rice at a loss and would wait for the price on the world market to rise, but that has apparently been abandoned now.

Meanwhile, Commerce Minister Boonsong Teriyapirom announced that the right time to sell off its rice is now.

,

But what does the economic guru and convicted criminal Thaksin say?

February 17, 2013 1:00 am

Thaksin Shinawatra has claimed the Yingluck government's rice pledging scheme will reap economic gains three times its costs in a matter of a few years.

Apparently, his idea was to have the Yingluck government withhold its rice stockpile for at least two or three years, then export it later on when the world market price is supposed to rise.

What a massive loss of face for Thaksin, the convicted criminals reputation as a businessman and Thailand as a nation. This is only dwarfed by the massive financial loss to the Thais treasury. Its enough to make you cry.

Thaksin crying.jpg Thaksin's core money is now believed to be worth not more than US$500 million. Http://www.plushasia.com/article/1353

Thaksin doesn't know that you can grow rice?.....and grow some more, and some more... in other words, the supply of rice is never-ending.

He is treating it as gold. "Let’s hold on to it, one day rice will be scarce and the price will increase"..

More and more I start to believe that all his wealth is stolen. Surely he is not capable of making money with that mind-set.

Edited March 7, 2013 by Nickymaster

[ratcatcher]

CASCADIA GRAIN TERMINAL, VANCOUVER,CDA

This is one of 5 huge grain terminals located in Vancouver. Its capacity is approximately 282,000 metric tonnes. It would take about 28 trains, one mile long each with 100 cars carrying 100 tons (10,000 tons) to fill this one elevator.

The tonnages being bandied about by various government ministers and departments are simply staggering, and this is just for storage of existing and current harvests.

With no massive modern grain silos, does anyone actually believe the storage potential is correct?

Is all rice shipped by the sack load or is it loaded in 20 foot containers?

If Thailand has storage facilities for storing rice in sacks to the capacities being mentioned, 18 million tons and then 30 million tons then I, for one, believe we are being lied to. How naive of me.

[GentlemanJim]

PTP and Thaksin have painted themselves into a corner and are squirming as they desperately seek a way to get out without making it obvious that "the world's greatest businessman" is an economic imbecile. Hopefully, eventually there will be a calling to account for this disaster and every PTP minister and MP who profited from this boondoggle scam will be forced to write reimbursement cheques from their jail cell.

.

Another day, another flip-flop.

Today, PM's Office Minister Nawatthamrong Boonsongpaisan admitted that the government needs to sell its huge mountain of stored rice at a loss and that the loss will occur because the pledged price is much higher than what the market currently bears.

Niwatthamrong has now been tasked by Yingluck to supervise the rice pledging program with directions to make sure that the scheme does not exceed a Half Trillion Baht in taxpayers money.

Previously the government had insisted that they would not sell the stockpiled rice at a loss and would wait for the price on the world market to rise, but that has apparently been abandoned now.

Meanwhile, Commerce Minister Boonsong Teriyapirom announced that the right time to sell off its rice is now.

,

But what does the economic guru and convicted criminal Thaksin say?

February 17, 2013 1:00 am

Thaksin Shinawatra has claimed the Yingluck government's rice pledging scheme will reap economic gains three times its costs in a matter of a few years.

Apparently, his idea was to have the Yingluck government withhold its rice stockpile for at least two or three years, then export it later on when the world market price is supposed to rise.

What a massive loss of face for Thaksin, the convicted criminals reputation as a businessman and Thailand as a nation. This is only dwarfed by the massive financial loss to the Thais treasury. Its enough to make you cry.

Thaksin crying.jpg Thaksin's core money is now believed to be worth not more than US$500 million. Http://www.plushasia.com/article/1353

Thaksin doesn't know that you can grow rice?.....and grow some more, and some more... in other words, the supply of rice is never-ending.

He is treating it as gold. "Let’s hold on to it, one day rice will be scarce and the price will increase"..

More and more I start to believe that all his wealth is stolen. Surely he is not capable of making money with that mind-set.

No, you are right, he is not capable of making an honest dollar as he possesses zero business acumen. He was just a thug policeman who somehow managed to engineer himself the exclusive rights to a countries entire mobile phone network. You would have to be an utter retard not to become a billionaire with a monopoly like that. It was his wife that had the money to get him going, and the rest is history...a history of corruption and evil back stabbing shenanigans. Thaksin has a lot more to worry about than getting back here. It is rumoured that a couple of years ago he got some high powered guys in the Middle East to invest a frigging fortune in paddy in thailand with the promise of very high yeilds. Coincidentally (but definitely not!) soon after came the floods - a result of what seems to be Human error in the handling of the water management plan at the dams !!! All of which created a domestic demand for rice as many crops failed, add that to his hair brained idea of controlling the rice market on his own when India and Vietnam have stuck the bird up at him, and Thaksin has miscalculated gravely. He is at risk of being whacked where he resides if he does not deliver on the promises of high yield. He can talk the talk, but that's not good enough with his benefactors, he needs to deliver (I wonder if that's where all the money is disappearing to?). Whatever happens, he has sent Thailand down a path that will lead to it becoming Asia's Zimbabwe, and there are people on this forum that defend him? The mind boggles.

[slapout]

Most people learn early in life that when you give a dog a bone, you let him chew on it for a while before trying to take it back. This does require a little understanding of the way dogs as well as people look at what is thrown to them, without any effort on their part.

This government made some totally unrealistic promises, to get into power, they have thrown several bones out, and now they need the bone back to pass along for another project/promise. They are getting bitten due to their lack of forethought, planning, etc. Its just a wait and see time now, to see how bad a mauling they will get.