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Thailand to release 34 million tons of rice this year

Over 34 million tons of rice are expected throughout this year, no fewer than 10 million tons of which will be exported.

National News Bureau of Thailand

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The Rice Policy and Management Committee announces rice stock release plans and expects over 34 million tons of rice throughout this year.

The Rice Policy and Management Committee yesterday approved the project to provide over 180 million baht in funding to help farmers with rice harvests and quality improvement costs for the 2016-2017 season.

Over 34 million tons of rice are expected throughout this year, no fewer than 10 million tons of which will be exported.

The Rice Policy and Management Committee, chaired by Prime Minister Prayut Chan-o-cha, approved in principle the integrated production and marketing plans for 2019/2020 season.

The plans will be implemented with regards to the demand and supply mechanism, export, domestic consumption, industrial uses and seedlings. Rice production in targeted areas will be improved and promoted for the 2019/2020 season while domestic marketing will be developed and the rice harvest and quality improvement costs will be shared.

28,792 farmers registered for the slowed rice harvesting

A total of 28,792 farmers have registered for the slowed rice harvesting and compensation pay project, which amounted to over 180 million baht for 2016/2017 season. The assistance measure will be submitted to the cabinet for approval today or next week at the latest.

Additionally, the Rice Policy and Management Committee acknowledged the Ministry of Agriculture and Cooperatives’ report on the projected production of over 34 million tons of rice throughout this year, accounting for a one to two million ton increase from last year.

10 million tons bound for export

The demands for export, domestic consumption, industrial raw materials and storing are projected to amount to 32.48 million tons, no less than 10 million tons of which will be bound for export.

Meanwhile, the Ministry of Commerce has released over 17.4 million tons of rice from its stock over the last few years with a small volume pending delivery. The Marketing Organization for Farmers and Public Warehouse Organization are speeding up the release of rice from the untapped stock. National News Bureau Of Thailand

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commodities

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Thailand risks losing its place as the world’s second biggest rice exporter this year thanks to weaker competitiveness and a lack of new rice varieties to cater to changing market demand.

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