Thailand approves measures to stabilise padi prices

Bangkok to provide loans to help farmers delay sales of their padi for five months

BANGKOK – Thailand’s cabinet approved measures to stabilise prices for padi, including providing loans to help farmers delay the sales of their rice for five months, following a dip in the commodity’s prices recently.

Government spokesman Chai Wacharonke said the measures will be in place until the end of February next year.

“The government will provide a credit of 12,000 baht (100 baht = RM13.13) per metric tonne and a storage fee of 1,500 baht per metric tonne for five months with a target of 3 million metric tonnes for five months.

“The government will also provide credit to farmers’ groups to intervene in the padi market including (to) purchase padi at a price of 12,200 baht per metric tonne with a target of 1 million metric tonne.

“These two measures will cost 10.6 billion baht in total,” he said at a press conference here yesterday.

The price of Thai rice is expected to drop at the end of this year as the new harvest season begins.

As of November 1, Thailand’s 5% broken rice was priced at US$584 (US$ 1 = RM4.67) per metric tonne, down from US$597 on October 4, while the 25% broken rice was priced at US$558 per metric tonne, down from US$566 on October 4.

The price of Thai jasmine rice also dropped to US$706 per metric tonne from US$745.

– Bernama, November 8, 2023