Rice farmers in Thailand have asked the government to extend its rice-buying scheme to stem a collapse in prices since its intervention program expired on July 31.
According to Prasit Boonchuey, chairman of the Thai Farmers Association, there was almost 2 million MT of rice left on the market that the government needs to take care of otherwise prices are likely to fall further. Rice has fallen to around 7,500 baht (RM770) PMT, well below the intervention price paid to farmers of 11,800 baht PMT, he said.
Thailand, the world's biggest rice exporter, was estimated to have produced around 8 million MT of rice in the second crop harvesting from March to July.
By news desk
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