The government has sold 780,000 tonnes in the second rice auction held on Thursday, fetching more than 8 billion baht.
Banjongjitt Angsusingh, deputy director-general of the Foreign Trade Department, yesterday said the auction results would be submitted next week to the National Rice Policy Committee for approval.
The department held the auction for 1,008,837 tonnes including 762,700 tonnes of 5% white rice and the rest comprising 10% white rice, 15% white rice, 25% white rice, 10% white glutinous rice and broken rice.
The rice will be available at 124 state warehouses in 33 provinces.
Ms Banjongjitt said 45 interested bidders participated but only 40 submitted their purchase of state rice stocks in 89 warehouses for 780,000 tonnes, some 71.8% of the amount put up for auction.
“The second auction fetched prices relatively higher than the floor price we set, so we believe sales will surpass 8 billion baht,” she said.
Last month the government endorsed the sale of 496,243 tonnes worth 7.85 billion baht to 38 winning bidders in the first auction of state rice stocks for 2015.
The Commerce Ministry has called five auctions since last May, recording combined sales of 1.12 million tonnes worth 13.6 billion baht.
Ms Banjongjitt said authorities might delay local rice auctions as new supplies flood in, focusing more on international roadshows in China, Africa and Asean to sell state stocks.
The government is committed to selling as much rice as possible via government-to-government (G-to-G) contracts.
As part of G-to-G efforts, Thailand signed a memorandum of understanding with China last December to sell 2 million tonnes of Thai rice comprising 1 million tonnes each of old and new grains.
Officials are now trying to wrap up talks so that delivery of the 2 million tonnes can take place this year.
The transaction with China is unrelated to an earlier deal for 1 million tonnes struck by the Yingluck Shinawatra government.
Thailand has delivered 300,000 tonnes to China as part of the earlier deal.
Another 700,000 tonnes is scheduled to follow.