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China Signs MoU to Buy One Million Tons of Rice from Thailand

Mar 7, 2014

China's state-owned Cereals, Oils and Foodstuffs Corporation (COFCO) signed a Memorandum of Understanding (MoU) with Thailand's Foreign Trade Department yesterday to buy one million tons of rice from Thailand, according to local sources.

According to Bloomberg, Thailand will supply the rice in 12 months. About 400,000 tons of rice will be shipped between March and July, 2014, with the first delivery of about 100,000 tons is scheduled for March 2014.

Thailand's Foreign Trade Department Director-General said officials visited China this week for price negotiations. The meeting was a success and the deal indicates China's interest to buy more rice from Thailand, he said. He added that the Foreign Trade Department would invite Thai rice entrepreneurs to offer rice prices and improve rice quality to deliver to COFCO as per the agreed schedule. The Director-General also says that the Foreign Trade Department is negotiating with other countries more government-to-government deals may be signed this year.

The Thai government is planning to auction around 500,000 tons of rice from its stockpile on March 10, 2014.

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