Price war seen as Thai rice glut swamps market | Bangkok Post: business

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Price war seen as Thai rice glut swamps market

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Asian rice prices will keep slumping from a near six-year low as Thailand clears out record stockpiles, threatening a price war with Vietnam and India. 

A farmer drives an e-tan in a rally to press the caretaker government to pay them money from the rice-pledging scheme. Thailand plans to dump rice from stockpiles to the world market. (Photo by Patipat Janthong)

The government plans to sell about 1 million tonnes a month, compared with average monthly exports of 558,000 tonnes last year. The nation's benchmark price, which is already below cost in Vietnam and India, may retreat US$11 (352 baht) to $350 (11,375 baht) a tonne by May, the Thai Rice Exporters Association forecasts.

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