Bidders flock to Thai rice auction
The Foreign Trade Department of Thailand has called for the auction of 2.87 million tonnes of rice stocks fit for human consumption
The first Thai general auction of state rice stocks in 2017 drew active interest, with 48 qualified bidders offering the highest prices for 2.03 million tonnes of rice at 18.58 billion baht (US$530,857,169.40).
According to Duangporn Rodphaya, director-general of the Foreign Trade Department in Thailand, hom mali fragrant rice attracted the most interest, accounting for 26.1% of the total or 745,236 tonnes, followed by white rice 5% at 479,761 tonnes or 16.8%.
The Foreign Trade Department announced on Jan 10 a call for a general auction for the remaining 2.87 million tonnes fit for human consumption. The stocks are kept in 274 state warehouses in 17 provinces. Interested bidders were allowed to observe the rice stocks during Feb 6-10.
Qualified bidders were scheduled to submit their bids yesterday, with the names of the winners to be announced on the same day.
But the department on Feb 14 ordered the auction of 4,784 tonnes of hom mali rice at warehouses in Nakhon Sawan to be scrapped, as requested by the Public Warehouse Organisation.
Mrs Duangporn said the department would later submit the results of the auction to the panel handling state rice stocks and the national rice policy committee for final approval.