webfact Posted October 24, 2013 Share Posted October 24, 2013 Govt auctioning 140,000 tonnes of rice tomorrowBy English NewsBANGKOK, Oct 24 – Over 20 rice traders are keen to bid on the government’s new batch of 140,000 tonnes of premium quality rice, according to the Commerce Ministry.Somchart Sroythong, Internal Trade Department director general, said the Ministry will auction 100,000 tonnes of 5 per cent white rice and 30,000-40,000 tonnes of 100 per cent Hom Mali rice, second grade, through the Agricultural Futures Exchange of Thailand (AFET) tomorrow.He said the ministry would release one million tonnes of rice in five auctions through AFET until the middle of next year.The Commerce Ministry will speed up selling tapioca chips in its stocks to prepare for the new 2013/2014 harvest, he said.About 100,000 tonnes of tapioca chips currently remain in government stocks.The Tapioca Policy Committee, chaired by Deputy Prime Minister/Commerce Minister Niwatthamrong Boonsongpaisan, decided in a recent meeting to pledge tapioca price for the 2013/2014 crop, starting from December to next March to help farmers.The subsidy involves the purchase of 10 million tonnes of tapioca at Bt2.60/kg while the current market price is Bt2.30-2.50/kg.The proposal, aimed at assisting farmers as the new harvest is approaching, will be submitted to the Cabinet for approval.It was originally estimated that Thai farmers would produce 28 million tonnes of tapioca this year. (MCOT online news)-- TNA 2013-10-24 Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted October 24, 2013 Share Posted October 24, 2013 That is about 1% of the current rice in storage, only 99% to go. Link to comment Share on other sites More sharing options...
ratcatcher Posted October 24, 2013 Share Posted October 24, 2013 140,000 One hundred and forty thousand tons................OK, only about 14,860,000 tons to go then. 1 Link to comment Share on other sites More sharing options...
NeverSure Posted October 24, 2013 Share Posted October 24, 2013 I wonder if the bids will be too low again this time, with a big fat "no sale?" Again. The world price of Indian rice has dropped 35% since 2008. Link. It's dropped 20% in just the last year. Link Link to comment Share on other sites More sharing options...
Pib Posted October 24, 2013 Share Posted October 24, 2013 This is indeed good times for rice buyers...buy rice at bargain basement prices from the govt...and then keep you fingers-crossed the quality of rice you just bought is OK. 1 Link to comment Share on other sites More sharing options...
jaltsc Posted October 24, 2013 Share Posted October 24, 2013 "...premium quality rice..." Extra nutritious!!! I understand rodent droppings are quite high in protein . 1 Link to comment Share on other sites More sharing options...
Thaddeus Posted October 24, 2013 Share Posted October 24, 2013 Yet again, I completely fail at being impressed. Perhaps they are hoping that the general public do not know the difference between a thousand and a million. Given the shoddy state of the education system, they may be right. Link to comment Share on other sites More sharing options...
Robby nz Posted October 24, 2013 Share Posted October 24, 2013 Wonder in prospective buyers will be allowed to look at the rice before the auction. They were last time and only about 40% of the offering was sold. We wait to see, however I suspect the prices bid will be secret......................at the insistence of the buyers. 1 Link to comment Share on other sites More sharing options...
i claudius Posted October 24, 2013 Share Posted October 24, 2013 Weevils are extra, 2 Link to comment Share on other sites More sharing options...
soi41 Posted October 24, 2013 Share Posted October 24, 2013 That is about 1% of the current rice in storage, only 99% to go. Don't be so negative guys! The good news are, because of the low volume (if sold) the loss for the Thai taxpayers will be only 1.12 billion baht!! India and Vietnam must be laughing their butts off on the way to the bank! Link to comment Share on other sites More sharing options...
Local Drunk Posted October 24, 2013 Share Posted October 24, 2013 (edited) Since when a government rice auction news? This is just a bit of PR to put a shine on a disastrous policy. Hey! We might sell some rice this week! They haven't sold any rice yet, and it's not a sellers market. If they do manage a 140 ton sale, do you think they will disclose the details of the loss? Not a chance. Edited October 24, 2013 by Local Drunk Link to comment Share on other sites More sharing options...
JoeThePoster Posted October 24, 2013 Share Posted October 24, 2013 I guess the term "auction" here is used as loosely as the customs confiscated car auctions. Link to comment Share on other sites More sharing options...
worgeordie Posted October 24, 2013 Share Posted October 24, 2013 Will it be bought low and resold again at 15K back to government again? the never ending cycle,would be best if they could come up with an other use for all this rice,as it looks like its not all going to be sold for human consumption,so come all you thinking outside the boxes,what else could they do with it?. regards Worgeordie 2 Link to comment Share on other sites More sharing options...
Local Drunk Posted October 24, 2013 Share Posted October 24, 2013 (edited) That is about 1% of the current rice in storage, only 99% to go. Don't be so negative guys! The good news are, because of the low volume (if sold) the loss for the Thai taxpayers will be only 1.12 billion baht!! India and Vietnam must be laughing their butts off on the way to the bank! What's unbelievable to me is that they can't sell what they've bought under this policy, (anything they sell will be at a huge loss) and they want to continue it for another year. I think the whole world is laughing! Edited October 24, 2013 by Local Drunk 1 Link to comment Share on other sites More sharing options...
bigbamboo Posted October 24, 2013 Share Posted October 24, 2013 Now the Tapioca Policy Committee is going to price pledge for their farmer's next growing season I think it's only fair the pasta growers should get a similar deal. 2 Link to comment Share on other sites More sharing options...
billd766 Posted October 24, 2013 Share Posted October 24, 2013 As far as I understand the governemnt is putting 140,000 tons of rice up for auction. This does not mean that they HAVE sold it, just that they HOPE SOMEONE/ANYONE will buy it. I do so hope that it is a totally transparent auction as it should be. Link to comment Share on other sites More sharing options...
LuckyLew Posted October 24, 2013 Share Posted October 24, 2013 I offer 100 Baht for all of it Link to comment Share on other sites More sharing options...
Local Drunk Posted October 24, 2013 Share Posted October 24, 2013 I offer 100 Baht for all of it Sold to Lucky Lew For 100 Baht! Please see the seller after the auction to arrange the storage and shipping costs. 1 Link to comment Share on other sites More sharing options...
JoeThePoster Posted October 24, 2013 Share Posted October 24, 2013 I offer 100 Baht for all of it How do you prefer it? With Khai Dao or Khai Jieow? 1 Link to comment Share on other sites More sharing options...
Thait Spot Posted October 24, 2013 Share Posted October 24, 2013 Half a pound of twopenny rice Half a pound of treacle That's the way the billions go Pop go all the weavils 2 Link to comment Share on other sites More sharing options...
Sydebolle Posted October 24, 2013 Share Posted October 24, 2013 Is it legal if I buy the whole lot at, say THB 8'600/ton and resell it back to the government at the stipulated THB 15'000/ton? Just asking. Too many clowns, too few circuses! Link to comment Share on other sites More sharing options...
kiwiinasia Posted October 24, 2013 Share Posted October 24, 2013 I have an idea! Every tourist who leaves Thailand has to take 20kg bag of rice with them for 1000 baht price. It can be packaged in a nice OTOP produced bag and painted with the Thai flag. I think this should include a crackdown on Airlines charging for excess baggage. I hate them. Link to comment Share on other sites More sharing options...
godden Posted October 24, 2013 Share Posted October 24, 2013 I laughed, i nearly brought a round of saki Link to comment Share on other sites More sharing options...
SuwadeeS Posted October 24, 2013 Share Posted October 24, 2013 The price for rice on the international market is around 380 USD per ton. Everybody who pays more must be very stupid. Get some rice from Vietnam for 380 USD per ton and sale it for 500 USD to this stupid government. What a deal. Link to comment Share on other sites More sharing options...
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