Thailand set to unload deluge of rice amid glut
Junta leader Prayuth Chan-Ocha is seeking to clear 17.8 million tonnes over 2 years, without sinking the market
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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.
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