Farmers, millers and local rice traders will get the chance to meet directly with exporters and international rice buyers during the Thai Rice Festival on June 21.

Rice will be traded at the country's first central market for rice, "Kumnan Song Ricebrans", in Nakhon Sawan province from 10.30am to 1pm.

Yanyong Phuangrach, permanent secretary of the Ministry of Commerce, said yesterday that the central market was aimed at increasing opportunities for farmers and local traders to sell their rice at a good price and at increasing their bargaining power with middlemen and exporters.

The price traded at the market is expected to be a reference price for rice trading in the future.

Nakhon Sawan was chosen as the site for the central market as it is in the middle of a rice plantation area and is well connected to Bangkok and other provinces.

Farmers and traders from nearby provinces, in particular the central part, are expected to join the central market. They will sell rice, which exporters and traders will bid for.

Rice trading will primarily take place during the Thai Rice Festival. More than 50 kinds of rice grains are expected to be traded at the market.

After the auction, the ministry will continue to develop the facility into a permanent central market for farmers and rice traders.

The price at the market will be a reference price for the Kingdom.

This year the ministry predicts Thailand will export more than 10 million tonnes of rice because of higher demand in many countries hit by natural disasters.

The country is expected to generate more than Bt170 billion from rice exports this year, Yanyong said.

To improve Thailand's efficiency and maintain its position as the world's leading rice supplier for both quality and volume of exports, two large rice seminars will be held this month. "Thailand Rice Convention 2011" will be held on June 20 in Bangkok, while the "World Rice Standard Summit 2011" will take place in Nakhon Sawan province from June 19 to 23.

Many experts and traders from overseas have been invited to the two events to brainstorm how to increase efficiency and fairness in rice trading.

Source: The Nation