government's program of buying rice from farmers at above-market prices."The only potential danger to Indian rice exports would come if the Thai government decides to undercut Indian prices to push out more stocks because they have no place to keep it," said Tejinder Narang, adviser to trading company Emmsons International Ltd.532038.BY -4.72% The price of rice is an important indicator for economists world-wide because it is the main staple for more than half the world's population and changes in its prices affect the prices of other grains such as wheat and corn.A surge in rice prices in 2008 triggered price increases in other grains, leading to a global food crisis which sparked riots in some countries. Write to Biman Mukherji at email@example.com
Sorry, no rice money today Liquidity crunch delays payments to farmers Published: 7 Nov 2013 :Newspaper section: Business
Rice farmers who pledged 1.2 million tonnes of rice under the government's scheme for the main crop starting from October face late payments as the government lacks funding, says the chief of a state-owned bank.Dwindling government liquidity for the controversial scheme is thanks to the Bank for Agriculture and Agricultural Cooperatives (BAAC) running out of borrowing authority for the pledging, with its planned 140billion-baht loan using a Finance Ministry's guarantee to fund the current harvest's 270-billion-baht budget to be put in the Public Debt Management Office's borrowing plan next January. A delay in the Commerce Ministry's rice stockpile sales have also been blamed for the funding liquidity crunch."Once the cabinet has a clear resolution, we will proceed with payment immediately, so don't worry. We must apologise for any delays. The Commerce Ministry's lengthy rice sales have resulted in the liquidity shortage," said BAAC president Luck Wajananawat.The government said it plans to buy 16.5 million tonnes in the current harvest year. The remaining 130 billion baht in the 270-billion budget is to come from state rice stockpile sales.The Finance Ministry also plans to propose the cab.
Rice mountain set to grow even higher By Emiko Terazono in London: November 7, 2013 2:42 pm
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