The Commerce Ministry will call a second round of bidding next week to sell the remaining 500,000 tonnes of rice left over from last month's tenders.

Commerce Minister Boonsong Teriyapirom said only 229,661 tonnes of the 753,000 tonnes offered in the first round were sold due to inappropriate bids.

He said last week's round earned the government 3.97 billion baht.

Mr Boonsong said he hopes the remaining rice will fetch higher prices next week, considering the surging market amid lower-than-expected US rice production.

The 750,000 tonnes is part of more than 10 million tonnes of milled rice accrued under the government's rice pledging scheme that started last Oct 7.

The government has paid 260 billion baht for 17 million tonnes of paddy under pledging prices of 15,000 baht a tonne for white rice and 20,000 baht for Hom Mali.

Economists and the opposition accuse the scheme of widespread corruption including low-priced grains smuggled in from neighbouring countries and the same paddy pledged multiple times.

Mr Boonsong said to counter the charges, a subcommittee to monitor the scheme will inspect the readiness of all relevant parties before pledging for the new season starts next month.

The inspection will focus on weight and moisture measurements to ensure farmers are treated fairly by millers.
CCTV cameras will be installed at pledging points and participating millers.

They will also be put in branches of the two state enterprises overseeing the scheme the Commerce Ministry's Public Warehouse Organization and the Marketing Organisation for Farmers.

Mr Boonsong said his ministry will have no problem finding space for grains from the new harvest season, as existing stocks will gradually be unloaded.

Sumeth Laomoraphorn, the president of CP Intertrade Co, said sales of the grain should be continuous in order to ease the domestic rice shortage.

Source: Bangkok Post