Thailand’s rice stockpiles at record height
Rice stockpiles in Thailand, once the world’s biggest exporter, are expanding to a record amount as the government pledging scheme has spurred farmers to plant massive crops, adding to a global glut. Reserves in Thailand will increase by 24 per cent to 15.5 million tonnes in 2013-2014, while global output will rise 1.7 per cent to an all-time high of 476.8 million tonnes, estimated the US Department of Agriculture.
However, Thai officials said that the country at present has just about 10 million tonnes in government rice stocks, but 5-6 million tonnes have already secured obligations to sell.
Thai Prime Minister Yingluck Shinawatra said on October 13 that China would support plans by domestic firms to buy a million tonnes a year for an indefinite period, an increase from an earlier commitment to take the same volume over five years. Traders reacted with some scepticism because they have seen no evidence to back up earlier government claims of significant rice sales to China and other countries.
Thailand’s 30-year reign as the biggest exporter ended last year as shipments dropped 35 per cent to 6.9 million tonnes, as grain from Vietnam and India were much cheaper. The Thai government is under pressure to accelerate stockpile sales, as Thai rice prices fell 24 per cent to $445 this year.
Rice stockpiles in Thailand, once the world's biggest exporter, are expanding to a record amount as the government pledging scheme has spurred farmers to plant massive crops, adding to a global glut. Reserves in Thailand will increase by 24 per cent to 15.5 million tonnes in 2013-2014, while global output will rise 1.7 per cent to an all-time high of 476.8 million tonnes, estimated the US Department of Agriculture. However, Thai officials said that the country at present has just about 10 million tonnes in government rice stocks, but 5-6 million tonnes have already secured obligations to sell. Thai Prime...
Rice stockpiles in Thailand, once the world’s biggest exporter, are expanding to a record amount as the government pledging scheme has spurred farmers to plant massive crops, adding to a global glut. Reserves in Thailand will increase by 24 per cent to 15.5 million tonnes in 2013-2014, while global output will rise 1.7 per cent to an all-time high of 476.8 million tonnes, estimated the US Department of Agriculture.
However, Thai officials said that the country at present has just about 10 million tonnes in government rice stocks, but 5-6 million tonnes have already secured obligations to sell.
Thai Prime Minister Yingluck Shinawatra said on October 13 that China would support plans by domestic firms to buy a million tonnes a year for an indefinite period, an increase from an earlier commitment to take the same volume over five years. Traders reacted with some scepticism because they have seen no evidence to back up earlier government claims of significant rice sales to China and other countries.
Thailand’s 30-year reign as the biggest exporter ended last year as shipments dropped 35 per cent to 6.9 million tonnes, as grain from Vietnam and India were much cheaper. The Thai government is under pressure to accelerate stockpile sales, as Thai rice prices fell 24 per cent to $445 this year.
