Thailand today announced an extension of its controversial rice buying scheme for the 2014 crop year. In the past two years the Thai government has paid up to 40% more than market price in an effort to increase global rice prices and generate more income for farmers. Under the scheme, farmers can bring their paddies to be evaluated and priced by a government buying center. The farmers will then get a loan from a state-owned bank. When the crop season ends, the farmers can opt to sell their crop to either the market or the government to repay the loan. However, the Thai government is facing financial strain as it pays more generously and has more sellers. In 2012 Thailand lost its position as number one rice exporter in 2012 to India for the first time in 31 years.
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