► The Thai government plans to reduce the purchase price to $ 10,000 for temporary storage of paddy Baht (330 USD) / ton from 15,000 Baht (490 USD) / ton now ...
A Thai farmers harvest rice - Photo: AFP
The Thai government is considering cuts in the prices of rice stockpiling program. Accordingly, the value of the country's rice exports likely to fall sharply, helping to increase the competitiveness of Thai rice in the context of the market world rice exports slump today.
Reuters information from leading Thai media said the government plans to reduce the purchase price to $ 10,000 for temporary storage of paddy Baht (330 USD) / ton from 15,000 Baht (490 USD) / ton today to limit losses from this program.
Analysts have predicted that such a move can help promote Thai rice export prices due to more competition. In addition, reducing the purchase price of rice for temporary storage will also help improve the Thai government financial situation. Estimated losses from the temporary storage of grain it can be up to 260 billion baht, equivalent to nearly $ 8.5 billion, in just one season.
"If the National Rice Committee agreed to reduce the purchase price of rice for temporary storage, the new rates will be applicable from the next season," Bangkok Post newspaper quoted the Minister of Commerce of Thailand Boonsong Teriyapirom said.
As expected, the National Commission of Thailand Rice will meet on Thursday this week. Next rice crop in Thailand will begin next October.
The rice stockpiling pushed prices of export of Thai 5% broken to 540 USD / ton at present, much higher than the level of 370-375 USD / ton for Vietnam rice and 420 USD / ton for Indian rice.
Last year, Thailand's rice exports dropped to 6.9 million tons, from 10.6 million tons in 2011. So it had to slip throne largest rice exporter in the hands of the Indian world.
Currently, the Thai government bought rice but mostly temporary storage warehouse located in the country and has reached about 17 million tons of rice.
Pressure on the Thai government to adjust policy for temporary storage of rice has increased in the last week after its credit rating Moody's made the comment that losses increase from this program could threaten the fiscal discipline of the Thai government.
According to some estimates, in the season 2011/2012, the Thai government has already lost about 200 billion baht ($ 6.5 billion), equivalent to 8% of the national budget, even as 260 billion baht (8.5 billion), for temporary grain storage. However, the Thai government has denied these figures.
To support rice prices amid sluggish export rice, Vietnam government has decided to temporarily store 1 million tons of rice in the Mekong Delta in the summer 2013. On 5/6, Prime Minister Nguyen Tan Dung has signed a decision to buy temporary storage of 1 million tons of rice (equivalent to 2 million tonnes of rice) in the Mekong Delta in the summer 2013.
The time limit for temporary storage purchase starting on 15/6 through 7/31/2013. Budget support 100% mortgage rate stockpiling rice in a maximum period of three months from the date of 15/6 to end on 09/15/2013.
International Journalism Review recently that tainted rice for excessive cadmium were found in Guangzhou, China recently will probably push the country to import more rice from abroad. And this can be seen as an opportunity to export more rice to the country the world's leading exporter of agricultural products as Vietnam and Thailand.
According to the Vietnam Food Association, the volume of rice exports from the country early this year has exceeded 2.8 million tonnes.
From 1-6/6, export volume reached 70 516 tonnes of rice, valued at 30.692 million U.S. dollars FOB, CIF value of U.S. $ 33.387 million. Cumulative exports from the beginning of the year was 2,858 million tons, valued at 1,241 billion dollars FOB, CIF value of U.S. $ 1,302 billion.
In the past week, the price of rice in the Mekong Delta dropped further 50-100 / kg depending on type.
Dry rice prices in the Mekong Delta region of common stock ranged from 4850-4950 VND / kg, wheat for about 5100-5200 dong / kg.
Price of 1 raw rice 5% broken rice produced is about 6500-6600 dong / kg depending on local produce raw rice 25% broken rice is 6100-6200 dong / kg depending on quality and local.
Price finished rice 5% broken in chronic packaging is not about 7400-7500 dong / kg, 15% broken rice 7150-7250 VND / kg and 25% broken rice of about 6900-7000 dong / kg depending on quality and local.
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