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Baht/$ 35.00/03 (Bid/Ask)
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12100
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AGRICULTURE
PHUSADEE ARUNMAS
A final decision on whether the government should scrap the bids of exporters to buy one million tonnes of new milled rice harvested from the second crop of 2008 has yet to be made. Commerce Minister Chaiya Sasomsab said yesterday the decision would hinge on the conclusions of a sub-committee overseeing distribution of the government's rice stocks when it meets today.
''The government ... has to take into full account overall expenses of the pledging scheme,'' he said. ''As well, the new new milled rice varies from 5%, 10% and 20% white rice for which prices are different.
''To my mind, the government can't sell at a loss.''
Mr Chaiya said that exporters had proposed to buy 3.1 million tonnes of milled rice from government stocks at an average of 14,000 baht per tonne.
Of the total, 2.1 million tonnes are old rice bought between 2004 and 2006, and one million tonnes are new milled rice recently bought under the pledging scheme for the 2008 second crop, which offered the farmers 14,000 baht a tonne for unmilled rice.
''It doesn't make sense if we sell the new milled rice at a huge loss,'' he said.
However, Mr Chaiya said bids for 2.1 million tonnes of old milled rice were likely to be approved today as they represented a good deal for the government.
The grain to be sold is fragrant rice and 5% white rice bought unmilled under various intervention programmes at prices ranging from 6,000 to 9,000 baht per tonne. The rice sold in the tender will be milled.
Exporters had bid 17,000 to 18,000 baht per tonne for fragrant rice and around 10,000 to 11,000 baht per tonne for 5% white rice.
The benchmark Thai rice price fell another 3.6% on Wednesday to $530 per tonne as supply rose and demand remained thin. The median price for 100% B grade white rice quoted by the Thai Rice Exporters Association fell from $550 per tonne last week.
The current price is less than half its record high of $1,080 per tonne in April
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