MANILA (Reuters) – The Philippines’ state grains agency purchased 250,000 tonnes of rice in a tender yesterday from suppliers in Vietnam, Thailand and Singapore, rushing to boost thinning state stockpiles.
For in depth analysis of Cambodian Business, visit Capital Cambodia
Vietnamese rice suppliers, including state-run Vietnam Southern Food Corp or Vinafood II, won most of the deals, cornering a total volume of 175,000 tonnes.
Singapore trader Olam International Ltd. won a deal for 50,000 tonnes while Thai rice supplier Capital Cereals Co Ltd. bagged a deal for 25,000 tonnes.
The winning bids ranged from $409 to $431.70 a tonne, below the National Food Authority’s (NFA) ceiling price of $451.08 per tonne.
Delivery should be completed between August and September, NFA spokeswoman Marietta Ablaza said, to boost its stockpile which is just enough to cover four days of national requirement.
The NFA is required to maintain a minimum 30-day buffer stock during the country’s lean harvest season from July to September.