Traders not keen to bid in Thai govt rice auctions

[webfact]

Traders not keen to bid in govt rice auctions
By English News



BANGKOK, Aug 20 – The Commerce Ministry called for bids on three batches of rice in the past week but rice traders were less enthusiastic to buy grain under the government’s rice pledging scheme.

The ministry will today disclose the proposed prices and winners for 200,000 tonnes of rice from the 2012/2013 annual harvest and the 2013 second crop.

The third or latest batch includes 101,000 tonnes of 5 per cent white rice for export and 100,000 tonnes of 10 per cent fragrant and glutinous rice for domestic distribution and export.

Seven rice trading companies which submitted their proposed prices yesterday were Chaiyaporn Rice and Food Products, Thai Fah (2511), Ponglarb, Capital Cereals, Asia Golden Rice, Golden Grain Enterprise and Nam Saeng Rice Trading.

After the proposed prices are disclosed, the Commerce Ministry will negotiate with the winning traders.

The Commerce Ministry recently released only 210,000 tonnes of the targetted 500,000 tonnes, from its stockpile. (MCOT online news).


-- TNA 2013-08-20

[Pimay1]

rice traders were less enthusiastic to buy grain under the government’s rice pledging scheme.

http://www.youtube.com/watch?v=J6_1Pw1xm9U

[MaxLee]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

[sscsamui]

Go Organic

[thaicbr]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...     

Sad but true.. they have managed to destroy the rice export industry and it is going to take a long time to climb back to the top.... if ever

Sent from my i-mobile i-STYLE Q6

[NongKhaiKid]

Meanwhile the expensive, rotting rice mountain gets even higher. Wonder how YL will explain this away but think I can guess ?

[Thai at Heart]

Still don't grasp why they have to bid.

Just offer it fob bangkok and pay the agents to get it to the port.

[MaxLee]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

Sad but true.. they have managed to destroy the rice export industry and it is going to take a long time to climb back to the top.... if ever

Sent from my i-mobile i-STYLE Q6

Hire some vermin and pigs, let them eat the rotten rice and poison the nation with the pork pledging scheme

[Neilly]

Still don't grasp why they have to bid.

Chance to play 'Pass the Brown Envelope' maybe

[Thai at Heart]

Still don't grasp why they have to bid.

Chance to play 'Pass the Brown Envelope' maybe

Why can't the traders bring the final client to the government for a percentage?

[NongKhaiKid]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

Sad but true.. they have managed to destroy the rice export industry and it is going to take a long time to climb back to the top.... if ever

Sent from my i-mobile i-STYLE Q6

Hire some vermin and pigs, let them eat the rotten rice and poison the nation with the pork pledging scheme

No sale in the southern provinces though !

[NongKhaiKid]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

Sad but true.. they have managed to destroy the rice export industry and it is going to take a long time to climb back to the top.... if ever

Sent from my i-mobile i-STYLE Q6

It is sad, not so long ago the national pride was dented when they slipped from No.1 to No.3 top exporter and I'm sure they have slipped from that spot. YL talks about having enriched the lives of rice farmers and Yes, some people have become rich over this but hardly the farmers. Due to the money and most definitely face involved PTP cannot ditch this as a failure so they will bleed the coffers dry rather than admit a mistake and they have other wonderful projects in mind to follow.

[MaxLee]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

Sad but true.. they have managed to destroy the rice export industry and it is going to take a long time to climb back to the top.... if ever

Sent from my i-mobile i-STYLE Q6

It is sad, not so long ago the national pride was dented when they slipped from No.1 to No.3 top exporter and I'm sure they have slipped from that spot. YL talks about having enriched the lives of rice farmers and Yes, some people have become rich over this but hardly the farmers. Due to the money and most definitely face involved PTP cannot ditch this as a failure so they will bleed the coffers dry rather than admit a mistake and they have other wonderful projects in mind to follow.

Thailand, the hub of xxxx-treme IMPORTS-BERG AND SCREW EXPORTING

[Katipo]

Rice has taken a plunge. It's only a matter of time for the tourist industry unless their is a huge overhaul. Which leaves only the manufacturing industry which has proved it's resiliance after recent political tumoil and flooding.... but one more heavy hit and I am not so sure.

[worgeordie]

Its simple, its a buyers market,and none of the traders want to buy over priced rice,

because no one willing to pay well over the World price for Thai rice,the bosses

plan to corner the rice market,has been a spectacular failure,just like that guy

that tried to corner the Silver market,its very risky and Governments should not

be doing this with tax payers money.

regards Worgeordie

PS Silver does not go rotten !

[Wavefloater]

The rice pledging scheme is such an obviously terrible idea and IMO was solely implemented for populist (get the Isaan vote) reasons. What sense could it ever make to overpay market prices for rice then let it sit in huge piles subjected to pesticides and deterioration of quality? The government didn't even find suckers to buy half of what they wanted to sell, and as the product sits longer, getting nastier, who will ever want to buy it? Even though I live here and often cook rice at home, I won't buy That rice anymore. Fortunately Japanese and Indian rice are available.

I often call the PM "Yingy" as I don't respect her. It's 101% certain that this broad wouldn't be anywhere near the office if her big brother wasn't Thaksin, and as far as I can see she's truly done nothing of benefit for her country. She's exploiting the situation with unnecessary spending (often on hugely expensive trips with no clear purpose) and has often been accused of not attending the sessions and meetings she should. Yet last week someone here accused me of "defamation" because of my remarks that her abuse of government funds is equal to theft and also my use of "Yingy". This person took great offense at my criticism of Yingy, so it's clear that person has huge respect for this broad -- near reverence for her from the way he/she went on, so I'd love to hear from that poster again to know how she has gained so much of your respect.

[Mampara]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

So u think that is a joke??

[DeeMaiDee]

Just wondering what the rice farmers are going to grow when this scheme blows up...

[Robby nz]

The ministry will today disclose the proposed prices and winners for 200,000 tonnes of rice from the 2012/2013 annual harvest and the 2013 second crop.

You must remember that this is new seasons rice that is for sale in this auction and not the stuff that is in storage.

That being the case there should be no problem with deterioration.

The buyers were also allowed to inspect the rice for sale before they bid, unlike the previous sale when they were not allowed to have a look.

Therefore they should be confident of what they are getting.

That they say they are going to disclose the prices, presumably offered, has to be a big step towards transparency, for it is something that I am not aware has ever been done before.

After the proposed prices are disclosed, the Commerce Ministry will negotiate with the winning traders.

Have to wonder just what that means?

That they will try to get the traders to raise their prices or.................. well there are always rumors about under the table payments.

Whatever, they still have the millions of tons of stockpiled rice and if traders are cagy about bidding on new seasons rice there does not seem much hope of selling that.

[MaxLee]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

So u think that is a joke??

No, but those populist manipulation-propganda SCAM policy made Thailand a laughing stock of Exports thanks to the ignorant Pheuthai mercenaries

[Greer]

Go Organic

.........yes I hate inorganic rice...

[chainarong]

What go's around comes around, the big plan has become a horror of horrors for the PTP party, you get greedy, this is the end result and the only ones at the end of the day that are hurt, are the rice famers, who needs enemy's with friend s like these.

[ramrod711]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

So u think that is a joke??

I think the whole government is a bad joke. The people of Thailand are going to get a huge wake up call one day.

[kimamey]

Rice has taken a plunge. It's only a matter of time for the tourist industry unless their is a huge overhaul. Which leaves only the manufacturing industry which has proved it's resiliance after recent political tumoil and flooding.... but one more heavy hit and I am not so sure.

The tourist industry never seems to suffer although that's according to government figures so I don't know how true it is.

The manufacturing industry or at least the auto industry is protected by huge import taxes so without those it may well suffer badly.

[Thai at Heart]

Rice has taken a plunge. It's only a matter of time for the tourist industry unless their is a huge overhaul. Which leaves only the manufacturing industry which has proved it's resiliance after recent political tumoil and flooding.... but one more heavy hit and I am not so sure.

The tourist industry never seems to suffer although that's according to government figures so I don't know how true it is.

The manufacturing industry or at least the auto industry is protected by huge import taxes so without those it may well suffer badly.

They are technically in a mild recession according to yesterday's figures. It is not going well at all in fact.

[chooka]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

So u think that is a joke??

I think the whole government is a bad joke. The people of Thailand are going to get a huge wake up call one day.

Nah as the government is building to a dictatorship the people are going to be stuck with the family forever.

[ppmacready]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

So u think that is a joke??

No, but those populist manipulation-propganda SCAM policy made Thailand a laughing stock of Exports thanks to the ignorant Pheuthai mercenaries

With any luck I hope it helps devalue the baht.

Then a Thai spring to follow.

[khunken]

With even Iraq wising up, nobody wants to buy Thai Rice anymore...

So u think that is a joke??

No, but those populist manipulation-propganda SCAM policy made Thailand a laughing stock of Exports thanks to the ignorant Pheuthai mercenaries

With any luck I hope it helps devalue the baht.

Then a Thai spring to follow.

Whatever the cause the Baht has sunk to a 1-year low (see other paper). Google says 31.69 to US$. That plus a mild recession (as Thai at Heart has mentioned) ought to be a wake up call for the ruling governing party.

[stoli]

Its simple, its a buyers market,and none of the traders want to buy over priced rice,

because no one willing to pay well over the World price for Thai rice,the bosses

plan to corner the rice market,has been a spectacular failure,just like that guy

that tried to corner the Silver market,its very risky and Governments should not

be doing this with tax payers money.

regards Worgeordie

PS Silver does not go rotten !

Silver dropped 50% in 4 days! Yes, it does go rotten, in a hurry.

[monkeycountry]

"After the proposed prices are disclosed, the Commerce Ministry will negotiate with the winning traders."

Can someone please explain how thai bidding works? Where I come from the highest bid wins, and that price is the final price. You do not start renegotiating afterwards.