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V8 Intertrading Wins Bid for 10-Year-Old Rice Auction

V8 Intertrading emerged victorious today in the auction organized by the Public Warehouse Organisation, securing a bid for 15,000 tonnes of ten-year-old pledging scheme rice at Bt19.07/kg. This bid, the highest among six local rice trading companies, including Tanasan Rice, SSMR Karnkaset, Sup Saeng Thong Rice, Sahatan, and BNK Agriculture, marks a significant transaction in Thailand’s agricultural sector.

The auction, overseen by Commerce Minister Phumtham Wechayachai, saw active participation from companies confident in the marketability of the aged rice amidst global demand. Tanasan Rice CEO Supachai Vorraapinyaporn expressed optimism about the rice’s appeal despite its age, highlighting ongoing global rice market dynamics.

Commerce officials have already begun negotiations with V8 Intertrading following the bid opening, aiming for a swift conclusion of the deal. Minister Phumtham emphasized that no reserve price was set deliberately, allowing bidders to assess the rice’s value based on quality and intended use. He indicated that the expected price range of 14 to 15 baht/kg could potentially generate approximately 200 million baht in net revenue after deductions.

The rice pledging scheme, initially launched during the administration of Prime Minister Yingluck Shinawatra, has been a topic of controversy. Minister Phumtham suggested that the successful conclusion of this auction could signal the scheme’s closure, underlining the evolving landscape of Thailand’s rice industry.

This transaction not only underscores market confidence in aged rice but also reflects ongoing efforts to manage agricultural policies effectively in Thailand.

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