Thailand Set to Reduce Rice-Support Price by 20%

Thailand National Rice Policy Committee approves 20% reduction to 12,000 baht/t in farmer support prices for white rice, Commerce Minister Boonsong Teriyapirom tells reporters. * Price cut effective from July 1 for second harvest of 2012-2013 * Rice committee will study possible price cut for 2013-2014 * Rice-price cut still needs approval from cabinet * Purchases from second harvest limited to 500,000 baht per family from June 20. * Thailand cuts price to reduce spending and rein in budget deficit

(Corrects purchase limit to baht per family.)
Before it's here, it's on the Bloomberg Terminal.