Thailand To Auction 511,730 MT From Stocks

Thailand's Commerce Ministry has decided to invite tenders to auction 511,730 MT of 5% broken white rice from its stocks  accumulated under the government's price intervention program from 2005-07.

The auction is intended to serve current high market demand at a time when global supplies are tight and rice export prices are surging.

Rice sales so far this year after the current auction will help reduce the government's stockpiles to 1.9 million MT from 4.4 million MT.