Bidding of nearly one million tonnes of Thai government rice started

[webfact]

RICE SCHEME
Bidding of nearly one million tonnes of government rice started

BANGKOK: -- More than one hundred bidders have participated in the Commerce Ministry's first rice auction of 2015, bidding on almost one-million tons of rice in government stockpiles.

The auction of 999,763.61 tons of rice began on Thursday morning at the Foreign Trade Department. This was the first time that the ministry had announced the minimum rate as a starting point for bidding.

In the afternoon, the ministry was to announce the names of bidders who offered the highest prices and the auction results will be submitted to the National Rice Policy Committee for approval.

Currently, there are 17.5 million tons of rice sitting in the government’s warehouses nationwide. The ministry has come up with a plan to release 10 million tons during 2015 and the rest of the stock within the next two years, in order to prevent further damage caused by deterioration, as well as to increase the efficiency of rice management.

Source: http://www.nationmultimedia.com/national/Bidding-of-nearly-one-million-of-government-rice-s-30252935.html


-- The Nation 2015-01-29

[Jay Sata]

I would not want to eat that stuff.

[Thai at Heart]

Rice cakes, rice cricpies, rice pudding, rice sticks, rice cubes, rice oil, rice wine, rice ......

Just got very cheap for breakfast for the next few years

[LuckyLew]

Rice cakes, rice cricpies, rice pudding, rice sticks, rice cubes, rice oil, rice wine, rice ......

Just got very cheap for breakfast for the next few years

I would be willing to bet the price will not go down ... only the quality will

[iReason]

Step up! Step up!

Got a real bargain on rancid, smelly, rat infested, stale rice.

Who's first?

[Commerce]

The 100 bidders being rice mill owners of course, controlled still by ex-untouchables, or even current ones!

[worgeordie]

No mention of what the minimum bid that has been set,for bidders eyes only,

maybe a state secret.

regards worgeordie

[rasmus5150]

I hope the buyers will be named, so people have a chance to avoid their product. 'And then I woke up' - This is Thailand.

[surangw]

last I heard they sold out already

maybe this is for phantom rice

[deckape]

I would not want to eat that stuff.

Might already be lol

[carstenp]

There is a story about it on Bloomberg news about this. They say the hole World has oversupply, and what Thailand is going to dump prices more. China has Big Stock of rice and seems like it will drop the price

http://www.bloomberg.com/news/videos/2015-01-29/thailand-unloads-rice-mountain-amid-world-glut

http://www.bloomberg.com/news/articles/2015-01-29/rice-seen-extending-decline-by-un-as-thailand-auctions-reserves

[Cake Monster]

Only desperate people would sell this rice during a world over supply situation, making the price plummet even further.

[Gentmartin]

In all seriousness, how long can rice be kept in storage before it becomes unfit for human consumption ?

If its free from insects and contaminants, white rice lasts indefinitely says google.......wouldn't fancy it myself however, but who's gonna know ?

[inzman]

They have to sell large quantities, the rice is old and rotten and gets worse everyday. Gotta sell it quick. I am glad my family grows their own rice for consumption so I don't have to eat this old stuff.

[Johnnie99]

Any takers for a million tonnes of slightly mouldy rice?

Can't they sell it locally?

[Johnnie99]

In all seriousness, how long can rice be kept in storage before it becomes unfit for human consumption ?

If its free from insects and contaminants, white rice lasts indefinitely says google.......wouldn't fancy it myself however, but who's gonna know ?

You have indeed answered your own question - "If its free from insects and contaminants..." This is Thailand, you know.

[harada]

Any takers for a million tonnes of slightly mouldy rice?

Can't they sell it locally?

Lao Khao producers?

[maidee]

did they manage to inspect the rice first themselves or just by the good word of the governement

[rubl]

The 100 bidders being rice mill owners of course, controlled still by ex-untouchables, or even current ones!

Since we're talking about rice ready for export the stuff is milled already.

Makes me wonder about your "of course". Why would 'rice millers' bid?

[Robby nz]

The 100 bidders being rice mill owners of course, controlled still by ex-untouchables, or even current ones!

Since we're talking about rice ready for export the stuff is milled already.

Makes me wonder about your "of course". Why would 'rice millers' bid?

Told him that already Rubi but he persists in the hope that someone will be gullible enough to believe him.

Those who bid were told exactly which warehouses the rice was to come from and were invited to inspect the warehouses and take samples of the rice they were to bid on.

I would imagine most if not all would have taken advantage of this and would know exactly what they were bidding on and what it was worth to them.

They would have clients lined up to take the quantities of rice they bid on for they would not be wanting to keep any rice they bid on in storage.

The best rice will be auctioned off first to get the best prices and prevent any farther deterioration so there will be no problems about quality till stocks get well down.