Asian rice prices are likely to fall over the next few weeks as Thailand and Vietnam compete for demand from the Philippines and Indonesia, traders said today.
Traders expect the Philippines to ask for 500,000 tonnes of rice via a tender or a government-to-government deal after Manila rejected all bids in an Aug. 27 tender due to high prices.
Traders also expect Indonesia to seek up to 500,000 tonnes rice on top of the 175,000 tonnes it had agreed to buy from Thailand.
“Indonesia is about to seal the deal to buy 175,000 tonnes rice with Thailand, but we still expected Indonesia to buy more and Vietnam is also keen to compete,” said a Bangkok-based trader.
Read more: http://www.therakyatpost.com/business/2014/09/03/rice-price-falling-asia/#ixzz3CXLqwzjm