Thai rice prices have been tumbling and are expected to keep dropping over the next few weeks as more supply comes to market and after the government was forced to shelve a controversial scheme to support farmers.
Thai rice prices have been tumbling and are expected to keep droppingover the next few weeks as more supply comes to market and after thegovernment was forced to shelve a controversial scheme to supportfarmers.
According to Reuters, falling prices could prolongprotests on the streets of Bangkok by farmers demandingoutstanding payments from the canned subsidy programme while pilingfurther pressure on the caretaker government of Prime Minister YingluckShinawatra.
The price of common grade 5-percent broken Thaiwhite rice fell 12 percent from early this year to 390 USD per tonne onMarch 28, traders said. It stood at around 410 USD last week.
"Risingsupply during the harvesting season and government rice stock saleshave dragged prices down," said a Bangkok-based trader.
Harvesting of the second crop began last month, with around 10 million tonnes of paddy expected to be reaped.
The Thai government has also offloaded 730,000 tonnes of rice from its stocks, saying it plans to sell more to raise funds.
Sincethe demise of the programme, domestic paddy prices have fallen sharplyto 5,500 THB (170 USD) per tonne, below the 15,000 THB the governmentpaid under the intervention scheme.
Looking for outstandingpayments and financial support from the government, farmers have beenprotesting in Bangkok since mid-February, blocking traffic in front ofthe Ministry of Commerce.-VNA
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