Rice Exports From Thailand to Advance as Support Prices Cut
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Rice shipments from Thailand, the second-biggest exporter, are set to increase after the government reduced the price paid to farmers to rein in spending, according to the Thai Rice Exporters Association. Thai Ha Pcl shares fell to the lowest level since 2008.
Sales may total 7 million metric tons this year and 8 million tons in 2014, said honorary president Chookiat Ophaswongse. His previous forecast was 6 million tons to 6.5 million tons for 2013. The cabinet today approved a 20 percent reduction to 12,000 baht ($390) a ton from 15,000 baht in support prices for the country’s top variety of unmilled white rice, said government spokesman Pakdiharn Himathongkham.