Thai govt mortgaged rice to be sold 'by Jan-Feb'

[Ricardo]

"Under the general auction programme, the Department of Foreign Trade (DFT) is reportedly expecting to release at least 500,000 - 1,000,000 tonnes of rice by the end of this year."

Which leaves how many millions of tonnes, not released & still stacked-up, in the warehouses ?

Plus the irrigated-crop just being planted now, and the main summer/autumn-crop, this coming summer, adding to those stocks ?

Even a million tonnes of sales per month would be insufficient, to solve the problem, I suspect.

Still, no need to panic, a poo-yai has promised, everything will be fine & dandy, so that's OK then !

A full independent audit is long overdue, but would reveal a real mess, so that won't happen, Yay for Rice-Scam Infrastructure-Funding !

Edited January 29, 2014 by Ricardo

[tim armstrong]

So how will they make up the massive loss from the rice auction - 'sorry farmers we just can't pay you what we agreed, and anyway we've just been re-elected, so we don't need you anymore.' Its not over yet, the farmers really are not stupid.

[anon7867763]

I don't think there's a grain of truth in what they say.

[Jeremy50]

I don't think there's a grain of truth in what they say.

It will be all rice on the night.

[Robby nz]

Where I live on the central plain it is all irrigation and there are no seasons as such any more, planting, harvesting.

As soon as one crop is in the paddy is worked up for the next planting which is mostly now done by broadcasting the seed as apposed to the old way of growing the seedlings and transplanting.

Its just get as many crops in as possible in as short a time as possible.

There is now paddy in all stages from still being worked up to almost ready to harvest so to talk of this or that seasons crop is really redundant.

Another consequence of the pledging scheme.

Yet another is the intensive use of the water resource, there are pumps pumping water out of the klongs every couple of hundred meters along all the sois surrounding the paddy.

The CP river is at the lowest I have ever seen it and we haven't even got to the dry season yet.

[Crushdepth]

Does this mean the farmers are going to have to wait another year for their money ?

Meanwhile Thida is pissing the farmers off some more :

RT @veen_NT: Leader of farmers in the North Kittisak: We heard Thida (UDD leader) calling us fake farmers but we didn't take any notice. It's a joke.

Man that's just sad. Shows you whose payroll she's on though.

[SamMunich]

So much rice has been pledged since several years, the quality is down to animal feed stuff level. And that's propably, what they can sell the rice for. I guess, there were too many greedy politicians and civil servants, that they missed the best point to sell the rice. Now the prices are way down and they have to pay teh farmers from sales they never got going... Som Nam Nah, Taksin & Co.

[Showbags]

70 million people in los...if each one went out and bought a kilo each...that'd fix the problem.

Calculator bloke, so not sure if math right...but should be close.

[culicine]

Who cares who buys it from China? Get rid of it ASAP before it spoils! Thai govt in its own way.

Look at the photo above of how it's being 'stored'. If that is indicative, the rice is already rotten and not fit for human consumption. I bet each bag has more weevils than rice grains!

[nong38]

Someone needs to get a calender and a diary and understand these dates, I know, I know they dont teach these things in the Thai education system, these things are for stupid foreigners.

Now watch the rice disappear before your very eyes

[culicine]

So much rice has been pledged since several years, the quality is down to animal feed stuff level. And that's propably, what they can sell the rice for. I guess, there were too many greedy politicians and civil servants, that they missed the best point to sell the rice. Now the prices are way down and they have to pay teh farmers from sales they never got going... Som Nam Nah, Taksin & Co.

This rice scam is enough reason to get rid of this dirty corrupt bunch of despots that call themselves a political party....anyone who pays taxes show be seriously pissed off at them for wasting their money.

[Local Drunk]

To who and for how much? Perhaps they'll sell it on ebay? A fixed price or a buy it now price? I think it'll be more of a "Fire Sale" or a "Yard Sale", but most likely... "A Going Out of Business Sale"

Edited January 29, 2014 by Local Drunk

[whatsupdoc]

So much rice has been pledged since several years, the quality is down to animal feed stuff level. And that's propably, what they can sell the rice for. I guess, there were too many greedy politicians and civil servants, that they missed the best point to sell the rice. Now the prices are way down and they have to pay teh farmers from sales they never got going... Som Nam Nah, Taksin & Co.

This rice scam is enough reason to get rid of this dirty corrupt bunch of despots that call themselves a political party....anyone who pays taxes show be seriously pissed off at them for wasting their money.

The money is not wasted! It will be used by red elites to buy the land of bankrupt farmers....

[LuckyLew]

Yes it will all be sold by jan - feb ............... 2016

[ratcatcher]

self deleted

Edited January 29, 2014 by ratcatcher

[ratcatcher]

So region level Gov entities.

That is a long long way from non-existant agencies.

Also, the blocking of the sale is... guess what... affecting sales. Transparancy my ass, it is only in motion to try and make trouble for the Government by peddling lies to re-ignite the failed coup.

Well, after scrolling through 43 posts, you are the only voice in the wilderness still yelling "Coup!"

<deleted> has happened to monies that the PTP received from rice sales. This must be one of the largest scams in Thai history, maybe even world history. Bernie Madoff would be proud.

Face the fact pipkins, the PTP will never be able to sell all the rice in storage, you must know it, we know it, PTP know it.

They are just issuing more lies about what they think they can do. And this is one of the main reasons Suthep is yelling in Bangkok at night.

Counsel for the defense over to you.

[Jay Sata]

I hear Thaksin will be home next Friday with all the rice sold and a new pick up truck for every Thai citizen!

[JRSoul]

Perhaps this is a translation issue, and the reporter thought "soon" was an English word.

[Thai at Heart]

How does the word mortgaged work in this context? Who borrowed against it? No one.

[Crushdepth]

Wait, wait, we're all reading this wrong:

The Thai government is planning to auction off its mortgaged rice by late January and early February.

Under the general auction programme, the Department of Foreign Trade (DFT) is reportedly expecting to release at least 500,000 - 1,000,000 tonnes of rice by the end of this year.

So, what they're actually saying is January/February next year!

Facepalm :| they'll be buying a lot more than that.

tulsathit ‏@tulsathit14h

This may sum rice scheme up. RT @PatricLand: Govt rice warehouse in Lopburi

[Mosha]

So region level Gov entities.

That is a long long way from non-existant agencies.

Also, the blocking of the sale is... guess what... affecting sales. Transparancy my ass, it is only in motion to try and make trouble for the Government by peddling lies to re-ignite the failed coup.

They were not selling it before it was "blocked" clown,

[harada]

Does this guy have a second job as a TAT statistician.

[Mosha]

I hear Thaksin will be home next Friday with all the rice sold and a new pick up truck for every Thai citizen!

Good cos I dreamt I wrecked ours last night.

[Ricardo]

70 million people in los...if each one went out and bought a kilo each...that'd fix the problem.

Calculator bloke, so not sure if math right...but should be close.

One doesn't need a calculator, just move the decimal-point three-places,if 70 million people buy a kilo each, that's 70,000 tonnes sold, hardly has any impact in stocks of (say) 10 million tonnes, does it ?

Plus the government has got to release it, before it can be bought from their stock-piles, and they're not that keen to release it, because the bid-price goes down or it fails to sell, and anyway the actual sale crystallises the loss incurred by having overpaid for the rice sold.

They're trying to sell for export instead, in spooky g2g deals, spooky because they tend to disappear in daylight, or via nebulous paper-companies (but owned by jolly-good-chaps), or in barter-deals where they can fudge the valuations (I'll pay for your over-priced railway with my own over-priced rice), or simply hoping the stocks will magically disappear somehow.

Better to continue to buy outside-the-system, rice sold at a realistic market-price, from the farmer to the miller to your local shop.

I hear Thaksin will be home next Friday with all the rice sold and a new pick up truck for every Thai citizen!

Darn, just got 'the boss' one last month, can I get a cash-credit instead of a new truck, please ?

[Barney R]

70 million people in los...if each one went out and bought a kilo each...that'd fix the problem.

Calculator bloke, so not sure if math right...but should be close.

Suggest you go buy new calculator . And not buy anything big until you do .

[gabruce]

70 million people in los...if each one went out and bought a kilo each...that'd fix the problem.

Calculator bloke, so not sure if math right...but should be close.

Suggest you go buy new calculator . And not buy anything big until you do .

I think that the current estimate is 18 million metric ton's in storage: so 70 million people would all need to buy 260 kg of rice. At market prices that's only about 9,000thb. For my current household that would be 72,000thb or just over two tons of rice or about 4 years of eating.

I don't think this is a workable plan.

PS. New rice is tasty. 1 year old is noticeably less so. 2 year old rice is not great eating. I can imagine that 3 and 4 year old rice would not be enjoyable. I also don't have room to store that much rice - maybe if I piled it carefully throughout the house I could live and sleep on it.

[belg]

and still... the riceberg scam goes on ... thai economics, does not make sense...

sell the whole lot and let market prices work ...

[eddie61]

GTG, a flock of pigs just flew by

[allan michaud]

So region level Gov entities.

That is a long long way from non-existant agencies.

Also, the blocking of the sale is... guess what... affecting sales. Transparancy my ass, it is only in motion to try and make trouble for the Government by peddling lies to re-ignite the failed coup.

I understood they (the govt) was unable to provide ANY evidence of G2G deals, which is why they were called liars. The govt then said that the commission should approach the other countries for proof. If that is not shady, I don't know what is, why on earth would the govt have no documentation for these deals if they are real.

As for selling half to 1 million tones by the end of the year (really, 11 months away) that doesn't sound very ambitious to me when Kittikat recently stated they still had 10million remaining from the 2010-2013 seasons.

[darren84310]

Wonder where are they going to find the buyers and at what price?

The whole world knows that Thailand is sitting on a rice mountain and is desperate for money, what would you do as a buyer?