BOT chief urges sale of rice from Thai govt stockpiles to fund payment to farmers

[Basil B]

Looking forward maybe time for the farmers to learn a new word "diversify"

[Thai at Heart]

"The government should sell rice from the stockpiles as soon as possible ... even if the sales are made at a loss," Prasarn said.

He is just repeating a sensible solution that is being requested by desperate farmers - "Give us back our rice so that we can sell it ourselves...".

Yes, the farmers want their rice back. But what they failed to understand is that the government has already sold the new crop as the old crop no one wants. So they have no rice to give back. Which makes it a greater fraud by the government.

That would be quite a screw up if they have done that.

[drand11]

More i am in Thailand, the more screwed up i see this country! They take rice but dont release it! Messed up!

[robblok]

"The government should sell rice from the stockpiles as soon as possible ... even if the sales are made at a loss," Prasarn said.

He is just repeating a sensible solution that is being requested by desperate farmers - "Give us back our rice so that we can sell it ourselves...".

Yes, the farmers want their rice back. But what they failed to understand is that the government has already sold the new crop as the old crop no one wants. So they have no rice to give back. Which makes it a greater fraud by the government.

That would be quite a screw up if they have done that.

Of course they have and YL should be convicted for all the corruption in this program she chaired it.

[robblok]

But they have been trying to sell it and have only been able to sell less than half of what they have put up for auction.

Now things will be even worse as the have put a cap on what a farmer can sell to the scheme which means any surplus can be bought by a trader direct from the farmer at a lower price.

Now that the farmers haven't been paid there will be more of them selling direct to the mills or traders.

Then there will be some traders who have been buying rice from other countries to satisfy their customers.

Also there has been an increase in production volume which now means the new seasons crop is enough to satisfy the local and the now diminished export marker.

Add all that together and it means the traders, or indeed the world markets, don't need to buy old stock rice from the Govt

Robby, it is a question of price. If you pay way above market and try to sell it above market to limit your loss (not mark to market), you can't sell it. If you sell it for what it is worth, you will sell it and generate cash to pay the farmers instead of blaming the E C or the banks who won't lend you money despite the risk free MOF guarantee.

The Thai government will have to remove the bugs being found in some of the exported rice, but this isn't a big issue and can be done. Price it to market, sell it and pay the farmers. It is easy. Then show some of the real loss from the rice program and blame those ugly foreigners for not paying high enough. It's easy.

Sent from my iPad using Thaivisa Connect Thailand

My friend asked this question:

What was corrupted in the rice-pledging scheme when the rice is in warehouses? That means the rice is not yet become money and the government is losing when they sell the rice in market price because the government promised to pay 50% higher than market price to the farmers?

Had the government pocketed the amount that should have used to pay farmers?

It has now come out that of the fake G2G deals some rice has been sold to PTP supporters (under a G2G deal highly illigal as they can set a lower price at G2G deals) Then this rice was sold back into the system at a higher price byt he same PTP supporter and of course they got paid .. not the farmers.. so in a way YL is responsible for the farmers that committed suicide. It was not stupidity but corruption.

[Old Man River]

But they have been trying to sell it and have only been able to sell less than half of what they have put up for auction.

Now things will be even worse as the have put a cap on what a farmer can sell to the scheme which means any surplus can be bought by a trader direct from the farmer at a lower price.

Now that the farmers haven't been paid there will be more of them selling direct to the mills or traders.

Then there will be some traders who have been buying rice from other countries to satisfy their customers.

Also there has been an increase in production volume which now means the new seasons crop is enough to satisfy the local and the now diminished export marker.

Add all that together and it means the traders, or indeed the world markets, don't need to buy old stock rice from the Govt

Robby, it is a question of price. If you pay way above market and try to sell it above market to limit your loss (not mark to market), you can't sell it. If you sell it for what it is worth, you will sell it and generate cash to pay the farmers instead of blaming the E C or the banks who won't lend you money despite the risk free MOF guarantee.

The Thai government will have to remove the bugs being found in some of the exported rice, but this isn't a big issue and can be done. Price it to market, sell it and pay the farmers. It is easy. Then show some of the real loss from the rice program and blame those ugly foreigners for not paying high enough. It's easy.

Sent from my iPad using Thaivisa Connect Thailand

My friend asked this question:

What was corrupted in the rice-pledging scheme when the rice is in warehouses? That means the rice is not yet become money and the government is losing when they sell the rice in market price because the government promised to pay 50% higher than market price to the farmers?

Had the government pocketed the amount that should have used to pay farmers?

It has now come out that of the fake G2G deals some rice has been sold to PTP supporters (under a G2G deal highly illigal as they can set a lower price at G2G deals) Then this rice was sold back into the system at a higher price byt he same PTP supporter and of course they got paid .. not the farmers.. so in a way YL is responsible for the farmers that committed suicide. It was not stupidity but corruption.

Were these PTP supporters government individuals, private rice trading companies or individual traders as far as known now?

In any event, this has led to 15 indictments by the NACC, which may also indict YL for malfeasance for being the chairperson. All the facts will be known.

Sent from my iPad using Thaivisa Connect Thailand

[robblok]

It has now come out that of the fake G2G deals some rice has been sold to PTP supporters (under a G2G deal highly illigal as they can set a lower price at G2G deals) Then this rice was sold back into the system at a higher price byt he same PTP supporter and of course they got paid .. not the farmers.. so in a way YL is responsible for the farmers that committed suicide. It was not stupidity but corruption.

Were these PTP supporters government individuals, private rice trading companies or individual traders as far as known now?

In any event, this has led to 15 indictments by the NACC, which may also indict YL for malfeasance for being the chairperson. All the facts will be known.

Sent from my iPad using Thaivisa Connect Thailand

I wish i knew this is the Achilles heel of the government and may lead to removal of YL and maybe if we are lucky jailtime and a lifetime ban from politics (probably not).

[rubl]

When government officials by their actions cause harm to the government they can be made personally and financially responsable.

So, either some government officials will manage to sell rice at a at least 'break-even' price or they will be liable for the damage.

Catch-22 it would seem.

[Old Man River]

It has now come out that of the fake G2G deals some rice has been sold to PTP supporters (under a G2G deal highly illigal as they can set a lower price at G2G deals) Then this rice was sold back into the system at a higher price byt he same PTP supporter and of course they got paid .. not the farmers.. so in a way YL is responsible for the farmers that committed suicide. It was not stupidity but corruption.

Were these PTP supporters government individuals, private rice trading companies or individual traders as far as known now?

In any event, this has led to 15 indictments by the NACC, which may also indict YL for malfeasance for being the chairperson. All the facts will be known.

Sent from my iPad using Thaivisa Connect Thailand

I wish i knew this is the Achilles heel of the government and may lead to removal of YL and maybe if we are lucky jailtime and a lifetime ban from politics (probably not).

This is but one of the articles on this alleged scam that has led to the numerous indictments against members of the National Rice Committee, all of which were hand picked for this committee.

http://www.nationmultimedia.com/business/Democrats-press-for-G2G-rice-deal-disclosure-30214880.html

Sent from my iPad using Thaivisa Connect Thailand

[Old Man River]

It has now come out that of the fake G2G deals some rice has been sold to PTP supporters (under a G2G deal highly illigal as they can set a lower price at G2G deals) Then this rice was sold back into the system at a higher price byt he same PTP supporter and of course they got paid .. not the farmers.. so in a way YL is responsible for the farmers that committed suicide. It was not stupidity but corruption.

Were these PTP supporters government individuals, private rice trading companies or individual traders as far as known now?

In any event, this has led to 15 indictments by the NACC, which may also indict YL for malfeasance for being the chairperson. All the facts will be known.

Sent from my iPad using Thaivisa Connect Thailand

I wish i knew this is the Achilles heel of the government and may lead to removal of YL and maybe if we are lucky jailtime and a lifetime ban from politics (probably not).

This is but one of the articles on this alleged scam that has led to the numerous indictments against members of the National Rice Committee, all of which were hand picked for this committee.

http://www.nationmultimedia.com/business/Democrats-press-for-G2G-rice-deal-disclosure-30214880.html

Sent from my iPad using Thaivisa Connect Thailand

Another article

http://oryza.com/news/rice-news/thailand-proposes-rice-railway-systems-barter-china

Another: http://www.nationmultimedia.com/business/China-deal-fails-to-cheer-rice-exporters-30217096.html

And another: http://www.bbc.co.uk/news/blogs-news-from-elsewhere-24475574

Interesting: http://www.thaivisa.com/forum/topic/674737-open-letter-pridiyathorn-writes-to-pm-yingluck-opposing-rice-pledging/

It is worthy to mention that the potential G to G barter for rice agreements were still in the discussion stage and it doesn't appear that any hard contracts were ever signed.

The NACC has indicted 15 on the rice committee, for issues apparently separate as there were no G to G contracts in place.

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