China's COFCO to buy 1 mln tonnes of rice from Thailand

[surangw]

get the money up front, not that the farmers will see any of it.

[bigbamboo]

I'm doing my bit.

I purchased 50kg today.

Every little helps.

Congratulations......that makes you Thailand's third biggest rice customer.

[speedtripler]

Honestly, who in their right mind would want to buy rotten rice, at ANY price.

The claim is as rotten as the rice.

Sent from my iPad using Thaivisa Connect Thailand mobile app

the chinese are not stupid enough to get scammed by the ptp .....i would imagine

if thailand sent a million tonnes of mostly spoiled rice china would bounce the cheque

and send the "rice" back

i dont think thailand has any chance of getting one over on china tbh

[onlycw]

An MoU is not a signed and binding contract, so wait and see if it will become a true obligation for China.

Also we do not know what quality of rice China is claimed to be interested in.

Interestingly no price is disclosed. I wonder why?

Excellent points!

The past cannot be changed. But by being transparent about the financial side of this scheme, the Thai parliament and society can debate whether this is something they want to continue?

It's quite bad not to share the actual facts. 1. Cost of storage and 2. terms of this contract. The discrepancy between purchasing price and sale price minus accumulated costs will be staggeringly catastrophic.

[PaullyW]

Honestly, who in their right mind would want to buy rotten rice, at ANY price.

The claim is as rotten as the rice.

Sent from my iPad using Thaivisa Connect Thailand mobile app

the chinese are not stupid enough to get scammed by the ptp .....i would imagine

if thailand sent a million tonnes of mostly spoiled rice china would bounce the cheque

and send the "rice" back

i dont think thailand has any chance of getting one over on china tbh

I agree. The Thais trying to scam the Chinese would not work. The Chinese may be nasty, but they are not dumb. They also actually prosecute and execute officials for corruption there. Seems Indonesia isn't having any of the Thais' dumb nastiness either. So tough when you have to open your eyes and compete on the global stage

[speedtripler]

Honestly, who in their right mind would want to buy rotten rice, at ANY price.

The claim is as rotten as the rice.

Sent from my iPad using Thaivisa Connect Thailand mobile app

the chinese are not stupid enough to get scammed by the ptp .....i would imagine

if thailand sent a million tonnes of mostly spoiled rice china would bounce the cheque

and send the "rice" back

i dont think thailand has any chance of getting one over on china tbh

I agree. The Thais trying to scam the Chinese would not work. The Chinese may be nasty, but they are not dumb. They also actually prosecute and execute officials for corruption there. Seems Indonesia isn't having any of the Thais' dumb nastiness either. So tough when you have to open your eyes and compete on the global stage

thailand aint gonna flex their muscles against china , they better be sending 1 million tons of good rice from the recent crop

or china will punish them ,one way or another

if this deal is even real

[FredNL]

It is only a memorandum of understanding (MoU). It is a more formal alternative to a gentlemen's agreement, a common synonym for a letter of intent. They can NOT be enforced when not registered with the United Nations.

Haven't we heard this before in January out of Yingluck's mouth ???

[Fryslan boppe]

China agrees to buy all this rice, and the coup-mongers promptly block the Chinese Ambassadors location at 10:00 AM today......HUH?

From actively preventing the Govt. from compensating Rice farmers in order to discredit the PTP/Ms. Y. using the farmers as pawns, to this........Does anyone still wonder why these people are unelectable?

Just goes to show how self-servingly phony they were, bleating about support for these rice farmers who they previously denigrated as idiot buffaloes.

BTW, what happened to that money they were raising ostensibly to compensate these poor farmers?

Edited March 6, 2014 by Fryslan boppe

[HUAHIN62]

An MoU is not a signed and binding contract, so wait and see if it will become a true obligation for China.

Also we do not know what quality of rice China is claimed to be interested in.

Interestingly no price is disclosed. I wonder why?

Clearly you don't understand how the transaction works? Read the article again .... the part where it says the millers will submit offers with their prices to the Chinese?????????? COFCO is an official buyer with a good reputation and will buy rice of different quality. The rice pledging scheme is a disaster but at least be objective when people are trying to save what they can.

[rickirs]

Amazingly the PDRC who is soooo sympathetic with the farmers plight to be paid will now do everything to slam this good news as a deception, corruption, lie, etc., maybe even file another lawsuit that an interim government cannot make such sales and protest in the streets and shutdown businesses and the government. Anything to keep any payments from going to the farmers because then the sale shows AFTER THE FACT that there was no criminal derelection of duty by the Government in the operatopn of the program. Unfortunately the Court seems focused only in one direction and that is a predictive mind-set to find the government (vis a vis Yingluck) quilty of some criminal act that would dissolve the interim government and play into Suthep's People Committee.

[The Deerhunter]

A bargain for China but good news for the farmers. Clearly, the rice-pledging is a lousy policy but the payment needs to be honoured

I agree but look at the dates. Is it going to be current stock 2012 rice, or 2014 crop at 2011/12 rice prices.

[VINCENT2012]

bla bla bla....again what is the price of a ton ?

thats what thai people should know!

goog day and good night

[Sydebolle]

Well, the Chinese neo-colonialistic methods are evident all over Southeast Asia. Laos is turning a blind eye against anything if it has Chinese written all over it.

We have to congratulate our PM and her capable staff. Selling 1 million tons, in figures:
1'000'000'000 kilos
of rice at a price above THB 15/kg (in order to protect the interest of the country she made a profit).

The reality is, that the wrotten rice ends up as animal feed for those delicious Chinese meat products ending up on our shelves and the Chinese pay in those little kiddies tablets which are so popular and functional in each and every class room of the kingdom.

Well, they voted for her and now they have to deal with her