Thai govt urgently selling rice to fill state coffers

[webfact]

Govt urgently selling rice to fill state coffers
By English News



BANGKOK, Nov 29 – The Commerce Ministry is speeding up rice sales to exporters and the private sector to earn and return at least Bt12.3 billion to the national coffers.

Surasak Riangkrul, Foreign Trade Department director general, said the Rice Release Subcommittee has approved the sales of 615,000 tonnes of rice from the 2011/12 and 2012/13 crops.

The rice to be sold under the subsidy programme include 100 per cent, second grade, Hom Mali rice, 5 per cent white glutinous rice, 10 per cent broken-milled rice, and A-1 white broken-milled rice.

CP Rice, Asia Golden Rice, Capital Cereals, Royal Richy Rice and an unnamed joint export group are some of the exporters to buy rice from the Commerce Ministry.

Mr Surasak said the rice sales will enable the Commerce Ministry to pay Bt30 billion to the Bank of Agriculture and Agricultural Cooperatives in the final quarter of the year.

He said Thailand’s rice exports will be higher in Q4 due to the government’s rice release from its stockpiles, government-to-government rice sales and domestic sales to the private sector.

He predicted a rosy trend for Thai rice exports next year when at least eight million tonnes of rice, at a total value of US$4.4 billion, will be exported at an average price of US$600/tonne.

Thailand exported 5.68 million tonnes of rice for US$3.817 billion (Bt114.77 billion) from January 1 to November 20 this year – a drop from the corresponding period last year when rice exports reached 6.22 million tonnes, he said.

The Commerce Ministry forecast this year’s rice exports at 8.5 million tonnes for $5.7 billion (Bt171.3 billion) overall. (MCOT online news)


-- TNA 2013-11-29

[steelepulse]

>>He predicted a rosy trend for Thai rice exports next year when at least eight million tonnes of rice, at a total value of US$4.4 billion, will be exported at an average price of US$600/tonne.

I'm predicting the above prediction won't be correct.

[jaidam]

What's the rush, I thought the 2 trillion "slush fund" had been approved by the red elite and senate. Everybody's pockets will be full to bursting so no need to fanny around making themselves look silly by trying to export spoiled overpriced grain, although reading about these invisible secret deals are always good for a chuckle.

[worgeordie]

Are they going to sell it at least at what it cost? or have

a fire sale,which the public will never get to know what

the loses to the country are,that will be classed as state

secret !

regards Worgeordie

[Mampara]

What's the rush, I thought the 2 trillion "slush fund" had been approved by the red elite and senate. Everybody's pockets will be full to bursting so no need to fanny around making themselves look silly by trying to export spoiled overpriced grain, although reading about these invisible secret deals are always good for a chuckle.

Oh really! I think we are all getting very tired of negative comments. Why don't the doubtful crawl back under the slimy rock that they came out of.

[ggold]

>>He predicted a rosy trend for Thai rice exports next year when at least eight million tonnes of rice, at a total value of US$4.4 billion, will be exported at an average price of US$600/tonne.

I'm predicting the above prediction won't be correct.

Yes but isn't that still above the quoted price for rice on the commodities market, Also below what they have paid for it?

[dru2]

What's the rush, I thought the 2 trillion "slush fund" had been approved by the red elite and senate. Everybody's pockets will be full to bursting so no need to fanny around making themselves look silly by trying to export spoiled overpriced grain, although reading about these invisible secret deals are always good for a chuckle.

Oh really! I think we are all getting very tired of negative comments. Why don't the doubtful crawl back under the slimy rock that they came out of.

Well that's an intelligent and helpful contribution!

[dru2]

>>He predicted a rosy trend for Thai rice exports next year when at least eight million tonnes of rice, at a total value of US$4.4 billion, will be exported at an average price of US$600/tonne.

I'm predicting the above prediction won't be correct.

Yes but isn't that still above the quoted price for rice on the commodities market, Also below what they have paid for it?

Yes and Yes.

[Thaddeus]

What price per tonne are they selling it at?

If it is less than they paid for it, plus storage and transport costs, they have made a loss.

Filling the state coffers my lower cheeks, taking a hundred quid out of your pocket then putting fifty back in later, means fail.

Edited November 29, 2013 by Thaddeus

[ratcatcher]

This should help the government.

http://www.bloomberg.com/news/2013-11-27/rice-bowl-plan-brings-myanmar-back-to-the-future-southeast-asia.html

[Nickymaster]

urgently selling rice to their family owned foreign trading companies before they get caught.

[Robby nz]

The headline is a little misleading.

Thai govt urgently trying to sell rice to fill state coffers.

[tominbkk]

What's the rush, I thought the 2 trillion "slush fund" had been approved by the red elite and senate. Everybody's pockets will be full to bursting so no need to fanny around making themselves look silly by trying to export spoiled overpriced grain, although reading about these invisible secret deals are always good for a chuckle.

Oh really! I think we are all getting very tired of negative comments. Why don't the doubtful crawl back under the slimy rock that they came out of.

You may be getting tired of pointing out the moronic policies of the govt, but most aren't. Back to your rock!

[waza]

FIRE SALE! fire sale!

Surasak Riangkrul, Foreign Trade Department director general, said the Rice Release Subcommittee has approved the sales of 615,000 tonnes of rice from the 2011/12 and 2012/13 crops.

Edited November 29, 2013 by waza

[icare999]

What's the rush, I thought the 2 trillion "slush fund" had been approved by the red elite and senate. Everybody's pockets will be full to bursting so no need to fanny around making themselves look silly by trying to export spoiled overpriced grain, although reading about these invisible secret deals are always good for a chuckle.

Oh really! I think we are all getting very tired of negative comments. Why don't the doubtful crawl back under the slimy rock that they came out of.

Yes really and some of us are fed up with those totally brainwashed who seem to be blind to Taksin and his cronies looting and pillage of this country and using it as their own fiefdom.

[slapout]

The Thai Commerce ministry has declared several potential sales of rice over the past year, quoting tons involved and money the sale would raise. Every single one has proved to be wishful thinking. This is similar to the proposed government bond sales to raise capital.

The potential bidders/buyers know better than the Government mouth pieces, what the world rice and bond marketis. International marketing does not seem to be a strong point of this governmentas buyer vs sellers (bull/bear) market seem to have escaped them.

It appears the 'foreign trade department' has taken the rice sales baton from Commerce and Finance Ministeries as they have proven to be unreliable on virtuall all of their press releases. By the looks of this press release, it has followed the BS pattern already firmly established.

[PeterSmiles]

He predicted a rosy trend for Thai rice exports next year when at least eight million tonnes of rice, at a total value of US$4.4 billion, will be exported at an average price of US$600/tonne.]

So this idiot predicts that the price next year will increase by 50% over current price.

http://www.thairiceexporters.or.th/default_eng.htm

[rubl]

What's the rush, I thought the 2 trillion "slush fund" had been approved by the red elite and senate. Everybody's pockets will be full to bursting so no need to fanny around making themselves look silly by trying to export spoiled overpriced grain, although reading about these invisible secret deals are always good for a chuckle.

Oh really! I think we are all getting very tired of negative comments. Why don't the doubtful crawl back under the slimy rock that they came out of.

Go ahead, no one here stopping you from doing so.

[rubl]

I'm sure one of these days we'll get the latest, most reliable guestimates from the MoC, or some other high level M(oron) to clarify that of 2011/2013 660 billion Baht spent Thailand made a huge profits, cornered the market again apart from having all rice farmers rich of course.

BTW if I remember correctly the government already returned about 200 billion to the BAAC before lending another handfull. Will sales be from the 2011/2012, 2012/2013 or from the 2013/12014 season? Did we already manage to get rid of the pre-2011 stock? Some was to be sold as animal fodder, but interest seemed somewhat disappointing.

[SABloke]

So with the figures above they are selling the rice at 20000THB per tonne?? It seems they're making a profit on the rice then - good job governement, you've proven your own fables to be true

[Tatsujin]

You guys arent seeing it.

They are selling as quick as they can so that they and their friends/cronies can skim as much as they can before it all goes horribly wrong for them.

It's not rocket science.

[Ricardo]

"Mr Surasak said the rice sales will enable the Commerce Ministry to pay Bt30 billion to the Bank of Agriculture and Agricultural Cooperatives in the final quarter of the year."

Too little, to late, BAAC is already failing to pay people on-time, remember the bank telling farmers recently that they would have to wait an extra 45-days, and the new rice-harvest is currently underway, they need a couple-of-hundred billion right now !

The stated 12.3 billion baht is a drop in the ocean !

Edited November 29, 2013 by Ricardo

[E1717007]

Sell to unknown exporter, rice millers buy from unknown exporter, back to stockpile......55555

Sent from my ME172V using Thaivisa Connect Thailand mobile app

[Thait Spot]

let me see.....

.....finger in the air

...........that would wipe around 2% off the current overdraft?

[Loles]

OK, the coffers are right, but the state is must to be mistaken.

shinavatra coffers ?

[indyuk]

For all the pessimists I point out that Thailand is still the largest Rice Exporter in the word by tonnage, including this year, and will most likely be so in 2014. I suspect that this government is good for Thailand even though unpopular with the minority.

[HiSoLowSoNoSo]

Just like when Marcos had to flee the Philippines, he loaded a plane full of gold and cash. Selling of all the rice must be Thaksin's final master scam.

[jaidam]

For all the pessimists I point out that Thailand is still the largest Rice Exporter in the word by tonnage, including this year, and will most likely be so in 2014. I suspect that this government is good for Thailand even though unpopular with the minority.

Apart from India and Vietnam you mean? How much rice did Thailand export this year? I am not talking about MOU's, but grain actually exported. At a price of around 50% higher than world market price, Thai rice can not be competitive any more.

[rubl]

Largest in tonnage? Didn't India reach upto 8.5 million tonne in 2012 with Thailand only 6.22 million according to Surasak Riangkrul, Foreign Trade Department director general?

5.68 million tonnes from 2013-01-01 till 2013-11-20?

I suspect the government will soon finally admit that out of 660 billion spent for the 2011/2013 seasons, possibly a minor part may not have reached poor farmers, most likely because of the need to finance storage. Now that's good for Thailand, just like the lighting of a fuse by trying to push through a 'blanket amnesty bill'. Not very popular with a majority it would seem.

For all the pessimists I point out that Thailand is still the largest Rice Exporter in the word by tonnage, including this year, and will most likely be so in 2014. I suspect that this government is good for Thailand even though unpopular with the minority.

[saltandpepper]

For all the pessimists I point out that Thailand is still the largest Rice Exporter in the word by tonnage, including this year, and will most likely be so in 2014. I suspect that this government is good for Thailand even though unpopular with the minority.