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News Summary: Thailand cuts rice subsidy price

The Associated Press

SUBSIDY SHRUNK: Thailand will pay farmers 20 percent less for rice to stem losses from a much-criticized subsidy program that dislodged the country from its spot as the world's No. 1 exporter of the grain.

FEWER BAHTS PER TON: Cabinet minister Warathep Rattanakorn said the government will pay 12,000 baht ($389) per ton of rice, compared with the current price of 15,000 baht ($486).

RESPONSE TO CRITICS: Warathep said the changes were in response to public criticism over the $4.4 billion loss incurred by the subsidy program, a flagship policy of Prime Minister Yingluck Shinawatra's government to woo support from Thai farmers.