Thai rice exporters are expected to be able to keep their prices from falling in the global market following a decision by a decision by the Thai government not to release stock, according to The Nation.
Quoting the permanent secretary of the Commerce Ministry, Yanyong Phuangrach, the online report says the price of rice should increase from now as the government will withhold rice stock. The market price of paddy rice has crept up by Baht200-300 a tonne. (1Baht=NZ0.04c)
The Thai government is also planning to shore up the price of rice by allowing exporters to exchange their rice stock with the government’s stockpile so that good quality rice can be held back.
The exchange plan has yet to be approved by the Thai cabinet.
Thai farmers receive a guaranteed income from their rice as the government pays them for the shortfall between the market’s price and the government’s guaranteed price.
