Thailand To Auction 650,000 MT

In order to reduce its  large stockpiles of rice, Thailand's Commerce Ministry has decided to open bidding for 650,000 MT of rice sometime next week.

According to government reports the 650,000 MT stockpile will be divided into three auctions ensuring a balanced supply domestically and overseas.

Thailand has about 4 million MT of rice in warehouses and spends almost 1.2 billion THB every year to regulate them.