Thailand sets record rice stockpile

$0Rice stockpiles in Thailand, once the largest exporter in the world, are expanding to a record amount as the government pledging scheme has spurred famers to plant massive crops adding to the global surplus. $0$0Thailand ’s rice reserves will increase 24 percent to 15.5 million tonnes in the 2013-1014 period, whilst the global output rises 1.7 percent to 476.8 million tones, the highest amount so far, estimated the United States Department of Agriculture (USDA). $0$0However, the Thai Commerce Ministry argued that the USDA estimates are unlikely to be correct and said no country discloses their actual rice stocks, as well as rice-consuming countries such as China and the Philippines . $0$0President of the Thai Rice Exporters Association Korbsook Lamsuri said the country’s rice shipments have remained bearish while alerting the major white-rice buying countries likely Indonesia, the Philippines and Nigeria that have not resumed their purchase orders yet.$0$0Furthermore, Director of Chaiyaporn Rice Sermsak Kuonsongtum said Thai exporters have been worried about excessive global supply and falling demand from importing countries due to good rainfall, which will lead to a decrease in rice prices and inevitable larger losses.-VNA$0$0$0