"THE PHILIPPINES, the world’s largest rice importer, will likely buy less than the 600,000 tons of rice sought in last Tuesday’s tender given substantially higher prices offered.
Bids for the tender -- the first of three of the same volume this month -- ranged from $598 to $697 per ton, cost and freight, all above the $543 per ton budget set by the National Food Authority (NFA) and over a quarter up from offers during a November 4 tender.
'It’s a sellers’ market. The market thinks it was an act of desperation for the Philippines to schedule back-to-back tenders, that’s why you see prices rising,' a grains trader said."
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