Thailand set to unload deluge of rice amid glut

Bangkok

IN a government building outside Bangkok, along the murky Chao Phraya River, Thailand's ruling junta is preparing to unload a mountain of rice on an already oversupplied world. And there's more on the way.

The biggest exporter stockpiled 17.8 million tonnes after former prime minister Yingluck Shinawatra spent US$27 billion since 2011 buying at above-market prices to aid farmers. The move threatened the nation's credit rating and helped fan months of protests. She was ousted in May by military leaders, who now plan to auction the grain over two years, with one million tonnes set for sale at the Department of Foreign Trade on Jan 29.

With global output poised to be near last year's record, Thailand will ship more this year than any country ever, US Department of Agriculture (USDA) data show. The price for the staple for half the world plunged to a four-year low in Chicago, helping cut food costs that…