In the early hours of last month, a diligent worker clambered up towering sacks of rice at a bustling warehouse in Surin. These were not just ordinary rice bags; they had been stored for over a decade, awaiting their eventual fate. (Photo: Ministry of Commerce)
Fast forward to today, V8 Intertrading Co Ltd has emerged victorious in a highly anticipated auction, acquiring 15,000 tonnes of rice left over from the Yingluck Shinawatra administration’s infamous rice-pledging scheme. The winning bid reached a noteworthy 19,070 baht per tonne, signaling the auction’s momentous success. Commerce Minister Phumtham Wechayachai couldn’t contain his pride, revealing that the state stands to earn an impressive 286 million baht from this sale.
Addressing concerns, Mr. Phumtham assured the public that this sale would not clash with the upcoming rice harvesting season in November. The out-of-season auction was strategically planned to avoid any market disruptions. “The strong auction price is a testament to the bidders’ confidence in the state’s rice storage methods,” he noted. “Despite being stored for years, the quality has been meticulously preserved in our warehouses.”
This climactic sale was orchestrated by the Public Warehouse Organisation (PWO), bringing down the curtain on the last remaining stockpile of rice from the controversial pledge program. It all unfolded dramatically on a bustling Monday, with six out of seven determined bidders vying for the coveted grains. The prized rice, 100% jasmine, hailed from the esteemed Kittichai and Poolphol warehouses in Surin.
V8 Intertrading’s winning bid was a combination of strategic financial precision and confidence in the product. They submitted a compelling price of around 64 million baht for the rice at the Poolphol warehouse and an astounding 222 million baht for the Kittichai warehouse. Breaking these figures down, the bidding price came to approximately 19,070 baht per tonne, equivalent to 19.070 baht per kilogram. As anticipation builds, this Friday will see the official announcement of the results, marking the beginning of a 30-day window for V8 Intertrading to formalize their contract with the PWO.
Following the contract signing, the company faces a new challenge: enhancing the rice quality to meet stringent regulatory standards. The rice must receive approval from the Department of Internal Trade (DIT) and the Food and Drug Administration (FDA) for local consumption or the Department of Foreign Trade (DFT) for international export, as outlined by Mr. Phumtham. It’s a rigorous process, but one that ensures the highest quality product reaches consumers, be they local or global.
This auction not only marks the end of an era for the surplus rice from the Yingluck Shinawatra administration but also signifies a promising new chapter for Thai rice on the market. With the rice likely to hit shelves soon, consumers can look forward to enjoying top-notch jasmine rice, a staple that has been lovingly preserved, waiting for its time to shine once more.
I can’t believe they finally managed to get rid of that rice! Seems like it took forever.
Yeah, seriously! Over a decade of just sitting there. Do you think the quality will still be good enough after all this time?
Supposedly, they preserved it well. But I’m skeptical. Would you eat rice that’s been stored for that long?
Modern storage methods can keep food safe for a long time. It’s not like it’s sitting in someone’s basement.
Is anyone else worried about the potential health risks? Even if stored correctly, that’s a long time for food to be in storage.
Good point! But I guess that’s where the FDA and DFT checks come in.
That’s why we have agencies like the FDA. They won’t let unsafe food hit the shelves.
Why is everyone making a fuss about this? It’s just rice, and it’s being checked before sale.
It’s not just about rice; it’s about mismanagement of resources. The rice-pledging scheme was a disaster.
Exactly, the original scheme wasted billions. It’s about accountability too.
Wow, 286 million baht is a decent chunk of change. What will the government do with that money?
Hopefully reinvest it in more sustainable initiatives. Thailand’s agricultural sector could use modernizing.
Knowing the government, it’ll probably disappear into some black hole of bureaucracy.
I just wonder how V8 Intertrading plans to enhance the quality of the rice. Any ideas?
It’s probably going to be a combination of sorting, cleaning, and possibly even blending with fresher rice. Who knows?
Might use some modern tech and techniques. The challenge is meeting those stringent standards.
True, tech has come a long way. Let’s see if they can pull it off.
I don’t understand why the quality of the rice is such a big deal. It’s rice, not caviar.
Hopefully this helps stabilize rice prices for consumers. It’s hard enough dealing with inflation.
I feel like we’re missing the bigger picture. This shows how agricultural policies can have long-term implications.
Right? The original rice-pledging scheme was politically motivated and it backfired big time.
I’ve heard mixed things about V8 Intertrading. Do they even have experience with rice?
This is good news! I’m excited to see what happens next. Jasmine rice is a staple in my home.
Seems like the government is trying to turn a bad situation into a win. Smart move.
Isn’t 19,070 baht per tonne pretty high? Or is that normal for jasmine rice?
It’s relatively high, but jasmine rice is premium. Plus, buyers might see it as an investment.
Does anyone have a clue whether this rice will be sold domestically or exported?
From what I understand, it’ll depend on DFT and FDA approvals. Likely both domestic and international.
That makes sense. Let’s hope it’s of good enough quality for export.
I’m curious, who were the other bidders in the auction?
It’s promising to see a successful auction after such a long debacle. Maybe this chapter can finally close.
What a waste of government resources. They should’ve dealt with this years ago.
Can’t argue with that. Hindsight is 20/20.
At least now we know the rice isn’t going to waste completely. They managed to salvage something.
Still, the whole affair was a mess. I’m glad it’s finally over.
How do you clean rice?
Boil it !
LOL
I bet not one executive at V8 inc will allow his family to eat it.