THAILAND – Thailand’s plan to accelerate sales of 11.4 million tonnes of rice in stockpiles within two months sparked concerns that it would hurt prices as well as Vietnam’s rice exports. However, some people were optimistic that the impact would not be significant. Thailand planned to sell the amount of rice in a government stockpile in May and June to generate US$2.8 billion, at an average price of US$245 per tonne, in what could be the biggest rice sale clearance ever of the world’s second largest rice exporter after India.

According to Le Van Banh, director of the Department of Agro-Fisheries Processing and Salt Production, the biggest stockpiled rice sell-off from Thailand would certainly have an impact on the global rice market following the law on supply and demand, as well as on Viet Nam’s rice market.  However, the impact on Vietnam’s rice exports would not be significant, at least in the short term, Banh said.  Banh also said that Thailand’s plan to sell 11.4 million tonnes of rice within just two months was not feasible.  (asiannewsnetwork)…[+]