Thailand opens bids to sell 375,000 tonnes of rice
Sunday, 24 January 2010
BANGKOK, Jan 23 (Commodity Online): Thailand on Friday opened bids to sell about 375,000 tonnes from its rice stocks, drawing offers from 22 companies for far more than the amount available.
According to country's Foreign Trade department, bidders have proposed offers for a total of 489,308 tones, with 5 per cent white rice making up 246,206 tones and glutinous rice the rest. The total proposed prices are worth 7.06 billion baht.
Thailand's rice stocks are expected to fall to about 5 million tones after the sales.
The bidders included top exporters such as Asia Golden Rice, CP Intertrade, Capital Cereals, Chaiyaporn Rice, Ponglarb, and Siam Indiga. The bidding prices for white rice are 14,000 to 16,000 baht a tonne, with glutinous rice at 10,000 to 17,000 baht.
Five-per cent white rice was quoted on Wednesday at $564 per tonne free-on-board, and 10 per cent glutinous rice at $781. Thailand bought paddy from farmers under the price-pledging programme at 14,000 baht per tonne during the 2008 season.
That translates into milled rice prices at 23,000 to 24,000 baht per tonne. The pledged paddy price for 2009 was 12,000 baht, putting milled rice at 21,000 to 22,000 baht a tonne.
Meanwhile, Thai Rice Exporters Association, said the government was expected to lose about 4,000 baht a tonne if it succeeded in negotiating final prices with bidders at about 17,000 baht per tonne for 5 per cent white rice.
According to country's Foreign Trade department, bidders have proposed offers for a total of 489,308 tones, with 5 per cent white rice making up 246,206 tones and glutinous rice the rest. The total proposed prices are worth 7.06 billion baht.
Thailand's rice stocks are expected to fall to about 5 million tones after the sales.
The bidders included top exporters such as Asia Golden Rice, CP Intertrade, Capital Cereals, Chaiyaporn Rice, Ponglarb, and Siam Indiga. The bidding prices for white rice are 14,000 to 16,000 baht a tonne, with glutinous rice at 10,000 to 17,000 baht.
Five-per cent white rice was quoted on Wednesday at $564 per tonne free-on-board, and 10 per cent glutinous rice at $781. Thailand bought paddy from farmers under the price-pledging programme at 14,000 baht per tonne during the 2008 season.
That translates into milled rice prices at 23,000 to 24,000 baht per tonne. The pledged paddy price for 2009 was 12,000 baht, putting milled rice at 21,000 to 22,000 baht a tonne.
Meanwhile, Thai Rice Exporters Association, said the government was expected to lose about 4,000 baht a tonne if it succeeded in negotiating final prices with bidders at about 17,000 baht per tonne for 5 per cent white rice.