Thailand to Release 3.1 Mil MT In The Market

The Thailand government ahs announced its plans of dumping 3.1 million MT of rice on the market from its stockpiles, equivalent to around a third of its 2007 exports, in an attempt to clear warehouse space for a new buying scheme.

The rice, part of stocks of around 4.3 million MT built up over the past three years, would be sold in a tender on Nov. 5, Thailand's commerce minister said.

Thailand, the world's biggest rice exporter, exported 9.5 million MT in 2007 and was expected to sell up to 10 million MT in 2008. Exports are likely to fall in 2009 due to thin demand, and prices were expected to fall further due to increasing supply.