Global Rice News

Rice Auction Attracts Record Number of Exporters

Surin, Thailand – In a surprising turn of events, the government’s 10-year rice auction has received an overwhelming response from bidders. A total of eight companies have expressed interest in participating, surpassing expectations and highlighting the growing demand for Thai rice in international markets.

The auction, organized by the Public Warehouse Organization (PWO), aims to release the final stocks of 15,000 tonnes of 100% Thai hom mali jasmine rice. These stocks have been leftover from the controversial rice pledging scheme introduced during the Yingluck Shinawatra administration. The PWO invited interested companies to submit their qualifications to participate in the auction, and to everyone’s surprise, eight exporters from different provinces promptly filed their bid papers.

The Commerce Ministry spokesperson, Wittayakorn Maneenetr, stated that the list of qualified bidders will be released on June 13. Qualified bidders will then have the opportunity to submit their bids from June 17, with winners expected to be announced on June 21.

Commerce Minister Phumtham Wechayachai expressed his optimism about the auction, projecting revenues of approximately 270 million baht. In addition to the financial benefits, this auction will also help reduce the burden of storage costs, which have been as high as 380,000 baht per month.

If successful, the auction will not only generate significant revenue, but it will also boost Thailand’s rice export industry. According to the Customs Department, Thai rice exports during the first four months of this year have already amounted to 3.4 million tonnes, with a total value of 78.5 billion baht. This represents a substantial increase of 29.1% and 60.7% compared to the same period last year, respectively.

The Thai Rice Exporters Association is confident that the positive momentum in the rice market will continue throughout the year. They anticipate export volumes of over 900,000 tonnes for May 2024. This will be facilitated through both government-to-government contracts and private sales to markets in Asia such as Indonesia, the Philippines, Malaysia, and Japan. Additionally, there is growing demand from countries in Africa, the Middle East, and Central America.

Despite the positive outlook, there are challenges ahead for the Thai rice industry. Higher prices compared to some competitors may result in the loss of certain markets, particularly in Africa where parboiled rice is popular. The price of Thai white rice 5% currently stands at US$647 per tonne, while Vietnamese and Pakistani rice are priced in the range of $573-577 and $587-591 per tonne, respectively.

Meanwhile, the price of Thai parboiled rice is $636 per tonne, with Indian and Pakistani parboiled rice priced between $542-546 and $595-599 per tonne, respectively.

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Source: Bangkok Post