Thailand To Release 2.1M Tons Stockpile Rice - Prices Tumble Limit

The Thai governemnt has approved the release of 2.1 million tons of stockpiled rice for the domestic market, Prime Minister Samak Sundaravej said Tuesday. The rice will be gradually released starting within the next two weeks, in an attempt to soften rising rice prices, Samak told reporters.

Chicago rough rice was down it's 50c limit last night and is down a further 60c in overnight trade this morning. Rice is also pressured by last night's USDA weekly report which showed planting progress and emerging rates for the rice crop are better than expected.