The government may extend the rice mortgage scheme for the main 2011-12 crop from the end of next month, but no specific time frame has been set, says newly appointed Commerce Minister Boonsong Teriyapirom.

Since the programme was launched Oct 7, some 5.3 million tonnes of paddy have been pledged, just over half the lowered target of 10 million tonnes due to flood damage of 10 million rai of cultivation area.

A mortgage price of 15,000 baht a tonne was set for 100% white paddy and 20,000 baht for fragrant paddy.
The government will wait and see the actual amount at the end of the programme before making a decision.
Farmers indicated they can harvest paddy in April cultivated after the floods.

Mr Boonsong said the state set aside 20 billion baht to compensate the price difference between the guaranteed price and the price the government receives.

Farmers can redeem their paddy within four months of the pledging date.

The ministry seeks to maintain prices of items necessary for daily life. If prices must be adjusted, they will be considered on a case-by-case basis.

Source: Bangkok post