The Cabinet on Wednesday approved the pledging programme for 1.5 million tonnes of off-season rice, which could require a budget of Bt17 billion.

Internal Trade Department Director-General Yanyong Phuangrach said the approval means the pledging programme for the 2009 crop would cover a total of 4 million tonnes of rice.

He noted that the programme so far has attracted farmers with 2.2-2.2 million tonnes of produce, which is hitting the original 2.5 million limit. Meanwhile, it is estimated that the volume of paddy rice which is not yet pledged with the government's programme accounts for 4.4-4.5 million tonnes.

The pledging price is set at Bt11,800 per tonne, for the 5 per cent white rice, which is above the market price of Bt10,000.

Source: The Nation