Thailand to Sell 2.1 Mil MT From Rice Stocks

Thailand's commerce ministry has revealed that the country plans to release 2.1 million MT of rice stocks to exporters by the end of September this year in order to prepare warehouse space for the next buying scheme due to start in November.

The move to sell from stockpiles is likely to swell domestic supplies and put more pressure on falling world prices. The stocks are old rice bought from farmers since 2005.

Thailand is expecting 23.8 million MT of paddy from its main crop, little changed from 23.3 million in the previous year. Besides selling stockpiled rice to exporters, the government was also in talks with foreign countries about sales in government-to-government deals.