Thai Govt To Auction 400,000 MT Rice Paddy From Stocks

May 23,2007 00:00 by dailynews

Thailand's Commerce Ministry will auction 400,000 metric tons of rice paddy Thursday from the 2004-05 and 2005-06 crop year, Apiradi Tantraporn, director general of the Department of Foreign Trade, said Wednesday.

The ministry will offer jasmine fragrant grade paddy and white rice paddy accumulated under the government's two previous domestic price intervention programs, Apiradi said. Of the total, 93,000 tons is jasmine fragrant rice from the 2004-05 crop year, around 200,000 tons is white rice 5% broken grade from the 2005-06 crop year, and 100,000 tons is white rice 100% from both crop years.

Local rice exporters and millers are invited to attend the auction and submit their bids in Thai baht for jasmine fragrant rice and U.S. dollars for white rice, according to Apiradi. For jasmine fragrant rice, delivery will be made within 30 days for no more than 20,000 tons and 60 days for more than 20,000 tons.