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Published on February 4, 2008

The association will urge the government to release 500,000 tonnes from its stockpiles to ease the shortage for domestic and export markets.

The domestic price has risen by Bt30-Bt40 per 100-kilogram sack a day, driving the export price to US$440 (Bt14,520) from $400 a tonne in just one week.

The gap between Thai and Vietnamese rice having widened to $30-$50 a tonne, it is feared that buyers may shift to Vietnamese rice.

President Chookiat Ophaswongse said last week that the domestic rice price had fluctuated wildly in the previous few weeks due to speculation during tight supply in the world market.

The speculation will grind down Thai rice's export edge as Vietnam and India are poised to enter the global market, with their harvests starting next month, he said.

The association reported that Thai rice exports had jumped 25 per cent to 800,000 tonnes last month, thanks to strong demand in the world market.

Exports this month will drop on lower supply and higher competition.

Petchanet Pratruangkrai

The Nation