Massive Thai Rice Sell-off ‘Concerning’

[geovalin]

Khmer Times/May Kunmakara

Thailand’s plans to sell off 11.4 million tons of its rice stockpile over the next two months is concerning Cambodia, which fears the sale will drive global prices down as the Kingdom struggles to meet its own export target. Thai Commerce Ministry permanent secretary Chutima Bunyapraphasara, who is also secretary of the rice management board, was quoted by the Bangkok Post on Monday as saying the sell-off was expected to start next week.

“Auctions will start next week, with one million tons of rice for each lot. We aim to auction it all off within two months,” she was quoted as saying. The stocks were worth an estimated 100 billion baht ($2.8 million). Cambodia Rice Federation (CRF) vice-president Hun Lak told Khmer Times yesterday the pledge by the Thai government to release so much milled stock so quickly would push the global price lower and have an indirect impact on Cambodian exports.

“Of course, in general, the global price will be affected and it will affect us a little bit, but not directly because most of our milled rice is sold in niche markets while the Thai stockpile will be used for industrial use – not for human consumption,” he said. The Thai stockpile would be sold to countries in Africa and elsewhere to be processed into animal feed or other products because it was poor quality, Mr. Lak said.

read more http://www.khmertimeskh.com/news/24245/massive-thai-rice-sell-off----concerning---/

[12DrinkMore]

Thai stockpile will be used for industrial use – not for human consumption ...... because it was poor quality

He's treading on a minefield there.

Just as they are getting over the Preah Vihear Temple farce, along comes this, Thai rice only fit for feeding African livestock.

Edited April 27, 2016 by 12DrinkMore

[Ulic]

If what he say is correct Cambodia has no need to worry or be concerned. Cambodia

did have the benefit of increased prices while Thailand was hoarding rice.

[allan michaud]

If what he say is correct Cambodia has no need to worry or be concerned. Cambodia

did have the benefit of increased prices while Thailand was hoarding rice.

Except Cambodia has only recently been in a position to export any significant amount, so no they did not benefit from Thaksin's insane policy.

By the way, to the haters on here, I had the pleasure of making an educational film with Cambodia's award winning farmer 18 months back, after she had won back to back titles for the best rice in the world. Thailand still has a lot of old rice that is no longer fit for consumption and the other huge exporter, Vietnam, is well known for using massive quantities of chemicals in their rice production. Cambodia's fledgling rice sector is struggling to compete, but personally I would go with Khmer rice any day of the week.