Upcoming rice auction garners widespread interest

BANGKOK, 17 May 2016 (NNT) – A large amount of operators have submitted requests to join in the third government rice stock auction to take place this May 19 as the stock has up to 1.2 million tons of rice.

Following an announcement for the auction from the Department of International Trade Promotion (DITP), many operators were seen requesting attendance at the auction this morning. All will be vetted ahead of the auction on May 19.

DITP Director-General Duangporn Rodphaya said the auction comes at an opportune time as demand for rice on the market is high and output from farms is also considerable, meaning that while auction prices will be satisfactory the moving of stock will also allow for the new batch of rice to be moved in. The DITP expects up to 80 percent of the stock being put up for auction to be bought.

The stock is from 121 silos in 30 provinces and ranges from lower grade and damaged rice to high grade rice.

Some 11 million tons of rice remains in state silos and are being reviewed for auction in the future.


-- NNT 2016-05-17

The departing El Niño (and the drought it created across much of SEA), may actually be this country’s best friend when it comes to offloading its rice stockpile.

Well done the shins foreseeing this opportunity to stockpile to take advantage of current rising prices and to assist the current ptb. Thank goodness all that rice was not rotten as previously reported.

No doubt Miss Y will be found not guilty and heaped with praise and gratitude from the pm for having such foresight.

Well done the shins foreseeing this opportunity to stockpile to take advantage of current rising prices and to assist the current ptb. Thank goodness all that rice was not rotten as previously reported.

No doubt Miss Y will be found not guilty and heaped with praise and gratitude from the pm for having such foresight.

the moving of stock will also allow for the new batch of rice to be moved in.

So it seeems: FIFO or First In - First Out

It's magic that with only 10% of the pledged rice being edible according to Prayut, he seems to be selling that 10% over and over.

Geeze ! I thought that all the rice was either stolen or rotten.

A few months ago we still have 14m tonnes, seems the government is slowly getting rid of the stuff.

With prices for 'edible' quality rice rising slightly at least there will be no further losses. Any one who knows if the rice in stock is still valued at what the government paid for it, or did they already write off some?