Philippines Likely To Buy More Rice

Philippines National Food Authority, NFA, has announced that the country was likely to buy up to 25 % more than initially sought in a tender yesterday to meet a shortfall after storms slashed production.

According to NFA Spokesman Rex Estoperez, if the prices were good, the National Food Authority would order as much as 312,500 MT to lock in prices from the winning bidders in the tender for delivery between January and April.

Meanwhile Rice futures jumped 11 % in the past eight days in Chicago on concern crop losses from storms in the Philippines and drought in India, the world’s second-biggest grower, will curb global supply and boost demand for imports.