The new intervention scheme in rice starts from March 16

The commerce Minister of Thailand revealed that the country will buy rice from farmers at 11,800 baht ($328) per tonne and will keep the grain in stocks under a new intervention scheme which will start on March 16 and will run until July. However, this new intervention price is just a slight reduction from the 12,000 baht per tonne set under a scheme that ended in February

“The Rice Committee agreed that the intervention price should not be pegged at a very high level as global prices are not that high,” Commerce Minister Porntiva Nakasia told reporters.

The new intervention price equates to an export price of around $580-$620 per tonne, exporters said. The government aimed to buy 2.5 million tonnes under the scheme. After previous intervention schemes, the government was believed to be holding around 4 million tonnes of milled rice.