First jasmine rice auction deemed satisfactory
About 15-18 rice traders appear set to win the country's first-ever jasmine rice bidding at an average price of Bt15,000-Bt16,000 per tonne, Commerce permanent secretary Karun Kittisataporn said yesterday.
The auction was held on Monday with 35 bidders competing to buy part of the government's stockpile of 440,000 tonnes. CP Intertrade is expected to win the largest volume as it offered the highest bids. Karun said negotiations with rice bidders after the auction had produced "fine" results, since the ministry gained satisfactory prices from the winners, although slightly lower than the market price. The middle price for jasmine rice was Bt16,000 to 17,000 per tonne. The ministry was unable to release the whole stock of 440,000 tonnes open for bidding because some bidders required rice from the same warehouses. The bidding results will be forwarded to caretaker Commerce Minister Somkid Jatusripitak for approval soon. However, Somkid was not satisfied with the bidding price and has not acknowledged the results. "Officials need to negotiate with some bidders again, bargaining for higher prices during this weekend," a source said, adding that the final result should be known by Wednesday. One bidder said the ministry should not bargain with bidders any further because the prices that traders have offered are "reasonable" given the rice quality. Petchanet Pratruangkrai The Nation
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