Commerce Ministry proposes rice price stabilisation scheme

The Thai Ministry of Commerce will propose, to the National Rice Policy and Management Committee this Wednesday, a 4-point measure to stabilise rice prices through the stockpiling of about 14 million tonnes of paddy for up to 5 months before the unmilled grain is released onto the market when the prices are right.

The harvest season for the 2023-24 rice crop will start in November in Thailand.

Commerce Minister Phumtham Wechayachai said Saturday that the measure was worked out by the ministry after it had taken opinions and suggestions from all stakeholders, among them rice farmers, millers and exporters.

First, farmers and farmers’ cooperatives will be asked to keep their paddy stock for 1-5 months, with the government providing them a subsidy of 1,500 baht per tonne, 1,000 baht for cooperatives and 500 baht for the farmers. The paddy in stock will be sold to millers when the…