The Commerce Ministry will extend the rice mortgage scheme at the same guaranteed price until June 30.
The current programme is scheduled to end on Feb 29.

Yanyong Phuangrach, the commerce permanent secretary, said farmers pledging paddy with the government will get 15,000 baht a tonne for white rice and 20,000 baht for fragrant rice.

There are almost 6 million tonnes of paddy entered in the scheme, equal to 3 million tonnes of rice.

Millers are holding an additional one million tonnes of rice, while exporters have low stock because the floods.

Somkiat Makcayathorn, president of the Thai Rice Packers Association, said the price of packed rice will remain stable in the first quarter, as competition was tougher because exporters turned to packed rice to serve domestic markets with over 20 new brands.

The price of packed rice will be adjusted by 5-10% in line with rising costs in the third quarter, he said.

A campaign will be launched to encourage Thais to eat rice three times a day, as growth slipped to only 2-3% in recent years. The goal is 10% growth this year.

The association will work with the Commerce Ministry to help its 110 members, who are suppliers to modern trade chains, to have fair contracts and fees.

Source: Bangkok post