Bangkok hopes to sell 450,000 tons of rice to RI

Bangkok hopes to sell 450,000 tons of rice to RI

BANGKOK (Reuters): Thailand is scheduled to hold talks with Indonesia from April 18 to 20 to sell as much as 450,000 tons of rice to the country, a senior Thai official told reporters on Wednesday.

"We plan to negotiate with Indonesia's state commodity regulator, Bulog, during April 18-20 in Jakarta to sell up to 450,000 tons of rice to the agency," said Karoon Kittistaporn, director-general at the commerce ministry's foreign trade department.

But traders doubted whether the deal would be sealed as the Indonesian agency already has sufficient stocks.

Thailand is the world's largest rice exporter. The government holds large stocks as it has been buying from farmers under its intervention scheme.

In 1999 and 2000, Indonesia bought 3.6 and 2.5 million tons of rice respectively due to drought that severely damaged crops.

Karoon said the Thai government plans to sell 800,000-900,000 metric tons of rice that it bought under a price intervention program to prop up the local market.

Aside from Indonesia, the rice will be sold to North Korea and Iran.