FairPrice to hold house brand Thai rice price
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SINGAPORE: Supermarket chain NTUC FairPrice has pledged to hold the price of its house brand of Thai rice till year-end amid concerns of increased rice prices, following the flooding situation in Thailand.
FairPrice said it will also hold the price of its Jasmine Fragrant rice from Vietnam till after the Lunar New Year season next year, in end-February 2012.
NTUC FairPrice CEO Seah Kian Peng said: "For the last few months, already, we've been stockpiling our rice.
"Right now, we do have a stockpile -- this should see us through at least for the next few months.
"What happens a few months from now, I think we'll certainly monitor the situation, but as I've said, we're looking at other countries; we're stockpiling more Vietnamese rice. In fact, we've stockpiled over four months."
FairPrice said it has also stockpiled about three months of Thai rice.
FairPrice said more consumers are also switching from Thai rice to alternative sources.
Demand for Thai rice has dropped from 95 per cent in 2007, to 75 per cent this year and a 25 per cent year-on-year increase has also been seen in the demand for Vietnamese rice.
Vietnam is now the world's second-largest exporter of rice.
Minister of State for Trade and Industry Lee Yi Shyan, who is also chairman of the Retail Price Watch Group (RPWG), said Singaporeans should consider the wide variety of rice available.
FairPrice has also donated S$20,000 to the Singapore Red Cross South East Asia Flood Appeal.
It urges customers to donate generously to the cause.
- CNA/wk -
time to stock up thai rice for the coming CNY in Jan 2012?
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Originally posted by Fcukpap:
time to stock up thai rice for the coming CNY in Jan 2012?
true hor? -
maybe should.
suppliers surely will take the opportunity to make more money.
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I guess the prices will start will appear soon as the new harvest is supposed to be exported le..
New corp rice will become costly..
I advise ppl not to stock rice for too long... Weevils can start growing.
Actually the statement of stockpile is.... Every importer is required by the govt to store 3 mths supply of rice
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Doubts cloud Thailand's rice pricing plan
BANGKOK: The Thai government has launched a new programme to help its rice farmers. But with Thailand being a world leading exporter of rice, critics said the move could hurt the country's position.
For over 30 years, Thailand has been the world's biggest exporter of rice.
This year alone, the country is expected to produce over 20 million tons of it, despite rising competition from its regional rivals.
But that could change soon.
One of the key policies of newly-elected Prime Minister Yingluck Shinawatra is a rice pricing scheme, under which the government buys rice from the farmers at a price of 15,000 baht (US$480) - 50 per cent more than the regular market price.
What is primarily aimed to help Thailand's eight million rice farmers could have broader implications on the domestic and international markets.
It was one of the factors that helped the Puea Thai Party win the elections last July, thanks to its rural supporter base.
But according to critics, not all farmers will equally profit from this scheme.
Dr Nipon Poapongsakorn, president of the Thailand Development and Research Institute said: "Those farmers who have rice to sell to the government benefit. But farmers and consumers, particularly farmers who do not have rice to sell, do not benefit at all."
Dr Poapongsakorn explained that farmers who do not produce rice for their own consumption will have to buy the staple at a higher price.
Thailand's Commerce Ministry has tried to calm fears of spiralling costs for both the market and the taxpayer, saying the pricing scheme will cost much less than the estimated US$12.8 billion.
But opponents see too many fault lines and much prefer the price guarantee scheme of the previous Democrat-led government.
Niphond Wongtra-ngan, former president of the Thai Rice Millers Association said: "Under the price guarantee programme (of the Democrat-led government), money went to the farmers faster. The guaranteed price was 10,000 baht per ton. Should farmers sell rice at 6,000 to 7,000 baht, they will get compensated."
Furthermore, private rice exporters accuse the government of monopolising the rice trade, as collusion among a few exporters close to the administration and price fixing could occur.
Internationally, the pricing scheme will also cause ripple effects on the market.
Dr Poapongsakorn said: "I expect that the world price of rice will increase, because we are one of the major exporters... But who benefits? Our competitors - not Thailand!"
After all, the consumer could be the one who ultimately pays the bill, as the price of rice is set to increase.
As for the farmers, it has yet to be seen if they will really benefit from the new pricing scheme.from cna
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VIETNAM RICE oso can...
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but i cannot stand PILAF rice....or US rice...
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Can't the retailers import rice from other countries other than Thailand?