The Thai government sanctioned measures totalling 55 billion baht to secure stable rice prices for the 2023 to 2024 harvest season, as confirmed yesterday by Commerce Minister Phumtham Wechayachai. The approved strategy includes providing loans to farmers to withhold the sale of their paddy rice for five months and to agricultural cooperatives for market intervention until prices improve.
Farmers who participate in the deferred sale scheme will receive 12,000 baht per tonne from the government, plus an additional 1,500 baht per tonne for storage. The goal is to absorb 3 million tonnes under this plan.
As part of the market intervention measure, the government will support agricultural cooperatives in purchasing Thai hom mali fragrant rice at 12,200 baht per tonne, to absorb 1 million tonnes. The two measures will require the government to…
