COA lifts Taiwan’s rice purchase price

Taiwan raised the minimum purchase price for rice by NT$3 (US$0.10) per kilogram to between NT$23 and NT$26 effective May 1, according to the Council of Agriculture.

“The first rice crop of the year, which is set to be harvested early this month in southern Taiwan’s Pingtung County, will attract the higher rate,” COA Minister Chen Wu-hsiung said.

The decision coincides with the beginning of the harvest season to ensure all producers enjoy the increase, Chen said, adding that grain distributors had begun raising wholesale prices in anticipation of the COA announcement.

The minister said that as of April 30, Taiwan’s private rice reserves were down 50,000 tons year on year. “This is due to colder spring weather delaying the first harvest date by around 20 days,” he added.

“These developments have caused some price volatility in the market,” Chen said. “We are keeping a close eye on the matter and will take all necessary steps to curb hoarding and price gouging.”

“The COA plans to maintain market order by auctioning 10,000 tons of rice from the government reserves May 6,” Chen added. (JSM)

(Source: http://www.taiwantoday.tw/ct.asp?xItem=162220&ctNode=445)