Government says 16.7 million tons of pledged rice can be sold

[Lite Beer]

Government says 16.7 million tons of pledged rice can be sold

BANGKOK, 20 December 2014 (NNT) – Government warehouses are holding 17.89 million tons of pledged rice, of which 16.7 million tons can be sold, according to Prime Minister Prayut Chan-o-cha.

General Prayut made the disclosure after chairing a meeting of the rice management and policy committee on Friday. He revealed that the inspection teams sent to all government warehouses determined that 2.1 million tons of rice was up to standard, while another 14.4 million tons would need to be re-graded. There is 6.94 million tons of spoiled rice and rice of no clear origin. The prime minister noted that any misconduct that gave rise to this amount of rice would be dealt with legally. According to the prime minister, total losses arising from the rice subsidy scheme are expected to reach 680 billion baht.

Gen. Prayut also expressed confidence in Thailand being able to retain its lead in global rice exports, provided that rice from government warehouses is progressively sold and farmers work to ensure the quality of their produce.

-- NNT 2014-12-20

[billd766]

They can pobably sell ALL the rice that is in stock but the price will be nowhere near what was paid for it.

It will be sold at a big loss to the nations treasury, even more so as until it is sold the storage costs will mount every month.

A big round of applause to Thaksin Shinawatra for thinking up such a brilliant scheme and one for his sister, Yingluck for carrying the scheme out with such skill and aplomb.

[NeverSure]

That's the number we've had from the beginning. 700 billion baht.

But it is a "revolving fund" loan from the Ag Bank. I wonder how the bond sales are going where they are trying to sell bonds to pay the bank loan?

How can they have this much rice when they bought only about 18 million tons and much went missing? How can so much of it be marketable when so much of it was reported to have gone bad or been stolen? How about the warehouses that had rows stacked around the perimeter but were actually empty inside when inspected?

I think they are full of it again.

They are always "going" to do something but I don't recall an instance where they reported they actually did something of note.

Get back to me when you have sold the rice and paid off the Ag Bank.

[clockman]

They love the sound of there own voices!

[kurnell]

Good luck selling weavels. Then again the Chinese will eat anything.

[Pib]

Much of the rice will be sold at stang on the baht (i.e., pennies on the dollar).

[rubl]

That's the number we've had from the beginning. 700 billion baht.

But it is a "revolving fund" loan from the Ag Bank. I wonder how the bond sales are going where they are trying to sell bonds to pay the bank loan?

How can they have this much rice when they bought only about 18 million tons and much went missing? How can so much of it be marketable when so much of it was reported to have gone bad or been stolen? How about the warehouses that had rows stacked around the perimeter but were actually empty inside when inspected?

I think they are full of it again.

They are always "going" to do something but I don't recall an instance where they reported they actually did something of note.

Get back to me when you have sold the rice and paid off the Ag Bank.

If I remember correctly the 2014/2015 National Budget has an item describing the reservation of 107 billion Baht to start repaying the BAAC. That's to continue for six more years.

[Toknarok]

How many Brits remember when Britain joined the Common Market and had to adhere to the agricultural policies dictated by Brussels. Wine lakes, butter mountains, million of gallons of milk being poured into disused mine shaftsetc etc. Butter and meat were being sold off cheap to the Russians for a tenth of the price the British housewife was paying.

Many countires subsidise their farmers, the French, USA pay billions of dollard every year to keep their farmers viable. Remember farmers are a very powerful voting lobby and Governments, if they wish to remain in power have to keep them sweet. Thailand is no different, it will be interesting to see how Prayuth handles the rubber farmers down South in the New Year. He used them to grab power, now the chickens are coming home to roost.

Can anyone beluieve the figures that are being touted? 600 billion losses? Are these real figures or just plucked out of the air? After the coup we were told that only 10% of the stockpiled rice was edible now it would appear that considerably more can be sold, albeit at a loss. One satang in the bhat is better than nothing where millions of tons are involved.

[Commerce]

General Prayut made the disclosure after chairing a meeting of the rice management and policy committee on Friday. He revealed that the inspection teams sent to all government warehouses determined that 2.1 million tons of rice was up to standard, while another 14.4 million tons would need to be re-graded. There is 6.94 million tons of spoiled rice and rice of no clear origin.

Why doesn't he just say, "Shit rice for sale. Crap rice, rotten rice, all you need. Not going for 200$ per ton, not 100, no today special market price. Look, here it is. I'm today not going to ask for 50$, nope not $40. To you as a special Christmas deal, just 30$ per ton.... yes you heard it all here.... only 30. The man says 20.... I say OKEY 25...... it's a gift. All around, all around...... any offers on 25? Okey 20...... the man bought 1 million tonnes........ any more bidders... last price at a bargain in your shit market today! Honey, get the caravans out.... we're making a killing!"

[jlwilliamsjr18]

Define "up to standard" After the government announces months back that the rice was spoiled, we are now suppose to believe the rice is "up to standard". Hmmm... you know, they say, don't drink the water in Mexico (you see this one coming),

Don't eat the rice in Thailand. The End.

[retarius]

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

[rubl]

How many Brits remember when Britain joined the Common Market and had to adhere to the agricultural policies dictated by Brussels. Wine lakes, butter mountains, million of gallons of milk being poured into disused mine shaftsetc etc. Butter and meat were being sold off cheap to the Russians for a tenth of the price the British housewife was paying.

Many countires subsidise their farmers, the French, USA pay billions of dollard every year to keep their farmers viable. Remember farmers are a very powerful voting lobby and Governments, if they wish to remain in power have to keep them sweet. Thailand is no different, it will be interesting to see how Prayuth handles the rubber farmers down South in the New Year. He used them to grab power, now the chickens are coming home to roost.

Can anyone beluieve the figures that are being touted? 600 billion losses? Are these real figures or just plucked out of the air? After the coup we were told that only 10% of the stockpiled rice was edible now it would appear that considerably more can be sold, albeit at a loss. One satang in the bhat is better than nothing where millions of tons are involved.

Milk in disused mineshafts?

Anyway, here in Thailand we had the Rice Price Pledging Scheme (aka RPPS) which Ms. Yingluck as PM proposed and had her parliament accept. No need to make reservations in the National Budget because this would be a self-financing scheme. Just tell BAAC to prepare a revolving funds of 500 Billion Baht from which initial payments would be made and into which the revenue of rice sold by the government would be returned. That why the BAAC after a while told the government more money was needed and the funds was increased to 700 billion Baht. Mid-2013 Ms. Yingluck assured parliament that the financing for the coming period was reserved, and that's why the caretaker government suddenly wanted to borrow 130 billion Baht.

So, it would seem that of the remaining stock a larger part is of lower grade than the documentation suggests. There seems to be doubts about origin as well. The total loss till now seems in the order of 700 --/++ billion Baht. To be paid off by the government in seven years, from taxpayers money of course.

Full details are only slowly emerging as the Yingluck Administration wasn't really into administration. somewhat negligent.

[JOC]

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

Business 101:

Buying for 15.000, selling for 1000 equals loss!!

With the Thai people picking up the bill!!

[rubl]

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

Ehm, maybe more like

"A lawyer for former prime minister Yingluck Shinawatra and a politician from her Pheu Thai Party yesterday accused PM's Office Minister Panadda Diskul of having a hidden political agenda when he said just 12.2 per cent of rice stored in government warehouses under the rice-pledging scheme was up to standard."

http://www.thaivisa.com/forum/topic/785738-panadda-accused-of-hidden-political-agenda/

with this topic having 2.1 million tons of rice up to standard, while another 14.4 million tons need to be re-graded, all out of 17.89 million tonnes. So, that means 11.74% of all up-to-standard, 92% of all can be sold, 8% of all spoiled.

[rubl]

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

Business 101:

Buying for 15.000, selling for 1000 equals loss!!

With the Thai people picking up the bill!!

That's why the taxpayers have a wee bit of a problem with this marvelous 'self-financing' scheme (Thaksin thinks) Pheu Thai came up with.

[Donnie Brasco]

Sell the edible rice (most of it) as rice.

Sell the weevil eaten rice as whiskey mash.

[inzman]

How do you regrade rotten rice? I for one will be on a gluten free diet until this stuff works it way out of the system.

[outboard]

How do you regrade rotten rice? I for one will be on a gluten free diet until this stuff works it way out of the system.

rice is gluten free

[Phatcharanan]

lol

[rickirs]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

But earlier you have this:

RICE-PLEDGING SCHEME

'80% of rice is fine'

The Nation July 29, 2014

"Only 10 per cent of rice stockpiles has spoiled and only some sacks were missing, while 80 per cent was in still good condition, the rice inspection committee reported to the Rice Policy Committee meeting yesterday.

The audit of 18 million tonnes of pledged rice stored in granaries has progressed by 72 per cent to 1,290 out of 1,787 locations nationwide."

And

'Improvement on many fronts after two months: NCPO'
The Nation July 28m 2014

"Since the NCPO initiated the inspection early this month, 18 million tonnes of pledged rice in 1,787 granaries around the country have been checked by troops against records for both quantity and quality."

[Robby nz]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

But earlier you have this:

RICE-PLEDGING SCHEME

'80% of rice is fine'

The Nation July 29, 2014

"Only 10 per cent of rice stockpiles has spoiled and only some sacks were missing, while 80 per cent was in still good condition, the rice inspection committee reported to the Rice Policy Committee meeting yesterday.

The audit of 18 million tonnes of pledged rice stored in granaries has progressed by 72 per cent to 1,290 out of 1,787 locations nationwide."

And

'Improvement on many fronts after two months: NCPO'

The Nation July 28m 2014

"Since the NCPO initiated the inspection early this month, 18 million tonnes of pledged rice in 1,787 granaries around the country have been checked by troops against records for both quantity and quality."

The inspections are now complete and reports written and presented with final figures.

This supersedes all other announcements which were only estimates at the time.

[Thai at Heart]

They can pobably sell ALL the rice that is in stock but the price will be nowhere near what was paid for it.

It will be sold at a big loss to the nations treasury, even more so as until it is sold the storage costs will mount every month.

A big round of applause to Thaksin Shinawatra for thinking up such a brilliant scheme and one for his sister, Yingluck for carrying the scheme out with such skill and aplomb.

Well note how this is a massive clarification from only 10% being up to grade a few weeks ago.

I don't know how much they will reduce the price to sell this old crop. But of course they have clearly stated that the loss will be 600bazillion so I guess CP is going to get its hands on some very cheap rice, very soon.

Final sale price to the client unknown of course.

[candide]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

But earlier you have this:

RICE-PLEDGING SCHEME

'80% of rice is fine'

The Nation July 29, 2014

"Only 10 per cent of rice stockpiles has spoiled and only some sacks were missing, while 80 per cent was in still good condition, the rice inspection committee reported to the Rice Policy Committee meeting yesterday.

The audit of 18 million tonnes of pledged rice stored in granaries has progressed by 72 per cent to 1,290 out of 1,787 locations nationwide."

And

'Improvement on many fronts after two months: NCPO'

The Nation July 28m 2014

"Since the NCPO initiated the inspection early this month, 18 million tonnes of pledged rice in 1,787 granaries around the country have been checked by troops against records for both quantity and quality."

It looks like it's Panadda who has been trying to b.......

[The Deerhunter]

I'm just trying to work out where the 6.94 million tons of spoiled rice and rice of no clear origin fits into the 16.7mt of rice that CAN BE SOLD out of 17.89 MT that are holding.......... Can someone explain that?? If it is spoiled, or of uncertain origin it must have a REALLY low price tag.

[surangw]

how much more is spoiling as it sits in the warehouses ?

[rametindallas]

They can pobably sell ALL the rice that is in stock but the price will be nowhere near what was paid for it.

It will be sold at a big loss to the nations treasury, even more so as until it is sold the storage costs will mount every month.

A big round of applause to Thaksin Shinawatra for thinking up such a brilliant scheme and one for his sister, Yingluck for carrying the scheme out with such skill and aplomb.

This has gotten to be a world-class heist with the 'take' at more than $21 Billion. And they did it in only two years! Thaksin is a genius; a criminal genius, but still, a genius.

[rametindallas]

How many Brits remember when Britain joined the Common Market and had to adhere to the agricultural policies dictated by Brussels. Wine lakes, butter mountains, million of gallons of milk being poured into disused mine shaftsetc etc. Butter and meat were being sold off cheap to the Russians for a tenth of the price the British housewife was paying.

Many countires subsidise their farmers, the French, USA pay billions of dollard every year to keep their farmers viable. Remember farmers are a very powerful voting lobby and Governments, if they wish to remain in power have to keep them sweet. Thailand is no different, it will be interesting to see how Prayuth handles the rubber farmers down South in the New Year. He used them to grab power, now the chickens are coming home to roost.

Can anyone beluieve the figures that are being touted? 600 billion losses? Are these real figures or just plucked out of the air? After the coup we were told that only 10% of the stockpiled rice was edible now it would appear that considerably more can be sold, albeit at a loss. One satang in the bhat is better than nothing where millions of tons are involved.

Milk in disused mineshafts?

Anyway, here in Thailand we had the Rice Price Pledging Scheme (aka RPPS) which Ms. Yingluck as PM proposed and had her parliament accept. No need to make reservations in the National Budget because this would be a self-financing scheme. Just tell BAAC to prepare a revolving funds of 500 Billion Baht from which initial payments would be made and into which the revenue of rice sold by the government would be returned. That why the BAAC after a while told the government more money was needed and the funds was increased to 700 billion Baht. Mid-2013 Ms. Yingluck assured parliament that the financing for the coming period was reserved, and that's why the caretaker government suddenly wanted to borrow 130 billion Baht.

So, it would seem that of the remaining stock a larger part is of lower grade than the documentation suggests. There seems to be doubts about origin as well. The total loss till now seems in the order of 700 --/++ billion Baht. To be paid off by the government in seven years, from taxpayers money of course.

Full details are only slowly emerging as the Yingluck Administration wasn't really into administration. somewhat negligent.

This is a likely reason she dissolved Parliament so as to avoid responsibility of trying to come up with the funds to keep the charade going. Everybody involved had benefited mightily already. http://The_Jig_was_up! Too bad Thaksin could't bring himself to plan as well on good governance as he did for thieving from the public treasury.

[djjamie]

Some of the farmers that this scheme was supposed to help committed suicide (this is before the PDRC even began protesting) and now to this very day the tax payers are suffering because of this shambles.

So who won here?

The shinawatra's that's who….

Shame, shame, shame….That is why reform is needed.

[NeverSure]

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

Ehm, maybe more like

"A lawyer for former prime minister Yingluck Shinawatra and a politician from her Pheu Thai Party yesterday accused PM's Office Minister Panadda Diskul of having a hidden political agenda when he said just 12.2 per cent of rice stored in government warehouses under the rice-pledging scheme was up to standard."

http://www.thaivisa.com/forum/topic/785738-panadda-accused-of-hidden-political-agenda/

with this topic having 2.1 million tons of rice up to standard, while another 14.4 million tons need to be re-graded, all out of 17.89 million tonnes. So, that means 11.74% of all up-to-standard, 92% of all can be sold, 8% of all spoiled.

Much of it has been stolen as evidenced by warehouses that appeared to be full, but upon inspection were hollow with just rows of rice stacked around the perimeters.

[Thai at Heart]

I think we are being bamboozled here. Didn't Panadda (who wants to indict Yingluck) say that 85% of the stored rice was rotten only yesterday? And now today, we hear that 95% can be sold at auction? Something is rotten in Denmark.

Ehm, maybe more like

"A lawyer for former prime minister Yingluck Shinawatra and a politician from her Pheu Thai Party yesterday accused PM's Office Minister Panadda Diskul of having a hidden political agenda when he said just 12.2 per cent of rice stored in government warehouses under the rice-pledging scheme was up to standard."

http://www.thaivisa.com/forum/topic/785738-panadda-accused-of-hidden-political-agenda/

with this topic having 2.1 million tons of rice up to standard, while another 14.4 million tons need to be re-graded, all out of 17.89 million tonnes. So, that means 11.74% of all up-to-standard, 92% of all can be sold, 8% of all spoiled.

Much of it has been stolen as evidenced by warehouses that appeared to be full, but upon inspection were hollow with just rows of rice stacked around the perimeters.

They found one warehouse with this issue.

The total they now claim is missing is in 100,000 Mt from 18,000,000.

Less than 1% which would be by now covered by mould loss and wastage. Yes 100k Mt is a lot of product in absolute terms. But in relation to the 100mn tonnes that were bought over these 3 or 4 years it is nothing.