Pridiyathorn admits pledged Thai rice is difficult to sell

[webfact]

Pridiyathorn admits pledged rice is difficult to sell



BANGKOK: -- Deputy Prime Minister Pridiyathorn Devakula admitted today that it is difficult to sell the pledged rice in stockpiles and it will take a lot of time to clear the stocks.

He said he had sympathy for the Commerce Ministry because the ministry could not sell the rice in stocks quickly as it would suppress the prices of newly-harvested rice and if the rice were not sold and kept in storage too long, the prices would also drop.by

He disclosed that during 2004-05, the government then bought under the rice pledging scheme 11 million tonnes of paddy which were milled into seven million tonnes of rice. 2.5 million tonnes were sold during the period leaving behind 4.5 million tonnes which took three years to be disposed of.

M.R. Pridiyathorn said that he had not yet received the final accounting report of the rice pledging schemes since 2004 which showed a total loss of 682 billion baht with more than 70 percent of the loss incurred by the government of prime minister Yingluck Shinawatra.

He said that once he had studied the report then he would be able to figure out the appropriate measures to cover the losses.

Source: http://englishnews.thaipbs.or.th/pridiyathorn-admits-pledged-rice-difficult-sell/

-- Thai PBS 2014-11-14

[BSJ]

An odd post! The facts and figures seem wrong given other information posted over the last several month. And a reference to 2004, huh?

[Bluespunk]

"Deputy Prime Minister Pridiyathorn Devakula admitted today that it is difficult to sell the pledged rice in stockpiles"

Try 'all but impossible' and you may be closer to the mark.

[RustBucket]

which showed a total loss of 682 billion baht with more than 70 percent of the loss incurred by the government of prime minister Yingluck Shinawatra.

And all that over just 2.5 seasons as opposed to 30% across the other 7.5 seasons.

So losses were 10 times greater under Thaksin Yingluck.

In the west we would say 'you live and learn'..... but here?...... They won't learn from this.

[ChrisY1]

An odd post! The facts and figures seem wrong given other information posted over the last several month. And a reference to 2004, huh?

To me, it seems an obvious "protection" of past lawmakers......spreading the blame now back to 2004 just doesn't make sense......except to lessen the fault of the past administration.

[ramrod711]

M.R. Pridiyathorn said that he had not yet received the final accounting report of the rice pledging schemes since 2004 which showed a total loss of 682 billion baht with more than 70 percent of the loss incurred by the government of prime minister Yingluck Shinawatra.

Yingluck followed her brothers plan to the letter. The country lost billions while the family's personal wealth expanded by billions, just a coincidence I'm sure. She should be in jail, she won't be, what I don't understand is why she is contesting a ban. Is it that she can't wait 5 whole years to get another shot at raping the country?

[NeverSure]

Do they ever even say how much rice there actually is? Before there were articles of scams of buildings with rice stacked on the perimeters but hollow in the middle of the building.

How much is rotting, or full of rat droppings and insects? Is there really any in saleable condition?

[kurnell]

So happy to see that the current 'government' is stamping out corruption, by arresting the officials involved in what is likely the biggest scam in Thai history.

[ginjag]

Tesco rice, 90 baht for 5 kilo's. tells the story.

[Elmer Gantry]

Tesco rice, 90 baht for 5 kilo's. tells the story.

Tessa Cohen has a lot to answer for.I heard she wants to go home.

[rametindallas]

I've read numerous times that only 10% of the rice is export quality so selling that small amount shouldn't depress the market too much since the lowered amount of water for secondary rice crops will reduce production that it would be in competition with. The rest would/could/should be sold to make fuel and that does not compete at all with the farmers and the grain-for-fuel market is/should be insatiable.

I don't see the problem unless they are trying to manufacture one.

[soalbundy]

Turn it into rice wine, they will get rid of it in no time.

[Chris Lawrence]

Have a fire sale?

[soalbundy]

Have a fire sale?

an act of God ?

[Tatsujin]

M.R. Pridiyathorn said that he had not yet received the final accounting report of the rice pledging schemes since 2004 which showed a total loss of 682 billion baht with more than 70 percent of the loss incurred by the government of prime minister Yingluck Shinawatra.

Yingluck followed her brothers plan to the letter. The country lost billions while the family's personal wealth expanded by billions, just a coincidence I'm sure. She should be in jail, she won't be, what I don't understand is why she is contesting a ban. Is it that she can't wait 5 whole years to get another shot at raping the country?

She is fighting against the ban cos they need the time to continue grooming Oak to take over the family business (stealing from anyone and everyone they can in any way they can) and continue raping the country ...

[EnglishJohn]

How big of him to admit it.

I think everyone realised this several years ago when the stories of it all rotting (which have turned out to be true) and being sprayed liberally with pesticides came out.

[Jay Sata]

No sensible trader will touch this and if it is released on the world market it will taint the Thai rice export industry.

[Robby nz]

I suspect that "admit" is the wrong word which was wrongly translated, for to admit something is usually when you have done something wrong.

Quite likely the Thai word used had a meaning closer to 'confirms' or 'states' or even 'says'.

All of which are true and really pretty obvious.

However there will be markets for lower grade and degraded rice that will have to go for it cant stay till it rots away.

The full cost of the scheme will not be known till the last warehouse in empty and even then there will be associated ongoing interest payments for years.

[Robby nz]

No sensible trader will touch this and if it is released on the world market it will taint the Thai rice export industry.

Not true.

It has already been said that buyers at the auctions are free to inspect what is on offer before bidding so they will know if what they bid on, or buy in any other way, is what is delivered.

Anyone who buys the stored rice will know exactly what they are buying and will have a use (market) for it lined up.

While the previous administration sold (delivered) bad rice to several countries this country is under new management now and they are trying to get confidence back in Thai rice.

[Roadman]

At $NZ52 for a 25kg sack of New Seasons Thai Jasmine down $10 on this time last year they are also taking a hammering on what should be their long held market premium on the Thai Jasmine brand. Thought that might have been just on the downturn on overall world prices but where that theory falters is Cambodian Jasmine has closed the gap to just a few $$ not only on the lose of confidence in Thai Jasmine but a slight gain in the Cambodian product.

[Strangebrew]

Just do name change or cover logo and stamp on it Californian grown rice Then charge higher price because imported. Then when they say rice not good can point finger at farangs, thus saving face.