The government plans to extend its rice buying scheme covering 2 million tonnes for second crop paddy due to come onto the market next month.

Commerce Minister Pornthiva Nakasai said the meeting of the National Rice Committee, chaired by Prime Minister Abhisit Vejjajiva, on Wednesday agreed to extend the rice pledging scheme for second crop paddy from March 16 to July 31.

The resolution came despite Thai rice costing more than the country's rice exporting rivals, particularly Vietnam whose export-grade 5% white rice costs US$440 (15,400 baht) a tonne.

The pledging price has yet to be decided, but Mrs Pornthiva promised it should be line with the market price.
Prasith Boonchoey, president of the Thai Farmers Association, said farmers had proposed the government buy second crop paddy at 13,000 baht a tonne.

Source: Bangkok Post