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May 17, 2008
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Saturday
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Jamadi-ul-Awwal 11, 1429
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Rice prices ease
MANILA, May 16: The Philippines, one of the world’s largest rice importers, said on Friday prices were softening after Tokyo offered to sell rice to Manila amid news of bumper world harvests for 2008.
Large tenders by the Philippines to fill its expected 2008 production gap of up to 2.7 million tons have helped drive up prices by 76 per cent between December 2007 and April 2008, according to the UN Food and Agriculture Organisation.
However, the National Food Authority (NFA) has seen prices in the international market ease, NFA spokesman Tom Escarez told AFP.
“Prices spike every time we have a large tender. (But) The market became quiet after the tender for 675,000 tons failed and the market realised we were not in a hurry,” he added.
A letter from Tokyo informing Manila that between 40,000 and 60,000 tons of Japanese rice is available also apparently helped calm the market, Escarez said.
The Philippines also expects some supplies to be offered from Pakistan, he said. Reports said Pakistan was expected to allow exports of up to a million tons since local requirements had been met.—AFP
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