Thai Junta Unloading Mountain of Rice Amid World Surplus
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In a government building outside Bangkok, along the murky Chao Phraya River, Thailand’s ruling junta is preparing to unload a mountain of rice on an already oversupplied world. And there’s more on the way.
The biggest exporter stockpiled 17.8 million metric tons after former Prime Minister Yingluck Shinawatra spent $27 billion since 2011 buying at above-market prices to aid farmers. The move threatened the nation’s credit rating and helped fan months of protests. She was ousted in May by military leaders, who now plan to auction the grain over two years, with 1 million tons set for sale at the Department of Foreign Trade on Jan. 29.