Two million tons of rice in govt stockpiles sold

More than two million tons of low-quality rice from the government stockpiles was sold on Thursday soon after an auction for it kicked off.

Out of 19 bidders vying for the rice, only 16 of them were qualified to join the bidding process. Most of them were manufacturers of animal feed, electricity, rice and citric acid. Two million tons of rice, which is worth nine billion baht, was sold to 15 bidders who offered the highest prices.

Department of Foreign Trade Deputy Director-General Keerati Rushchano said the remaining four million tons of rice will be released from the stockpiles before the end of this year. Another auction will be held for 1.8 million tons of rice with quality not suitable for human consumption and the production of animal feed will be held next month.

Meanwhile, 1.5 million tons of edible rice will be put up for auction in May while the remaining rice from April’s bidding process will be auctioned off in June. Keerati added measures other than the bidding would also be adopted to ensure prices of rice in the market remain at reasonable levels and reduce government spending.

Information and Source

Reporter : Nuppol Suvansombut Rewriter : Joel Gershon National News Bureau & Public Relations : http://thainews.prd.go.th

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