In Thailand, exporters were confident of closing a deal with the Philippines, which plans to buy 300,000 metric tons of rice in a tender June 6. The Philippines wants to buy 275,000 tons of the 25% broken variety and 25,000 tons of iron-fortified rice for shipment between June and August this year. According to Bangkok-based traders, Thai offers for 25% broken are now within the vicinity of prices in Vietnam, which usually supplies the bulk of Philippine rice imports.
"We're quite confident we'll make a good showing in the tender. We're very competitive at this point," one exporter said. Thursday, Thai exporters offered 25% broken at $288-$290/ton, FOB, Bangkok.
Aside from the Philippines, other buyers such as those from Indonesia, Malaysia, China and Africa, continue to make inquiries in the market, exporters said. However, most of them are reluctant to make a deal as they find the current prices too high, they added.
A second exporter said the onset of the rainy season in Thailand is also providing bullish support for the market, as such weather isn't favorable for drying and transporting rice. Thai 100% grade B was offered a little higher at $320-$328/ton, FOB, Bangkok, 5% broken at $315-$316/ton, while parboiled 100% sortexed was offered at $322-$324/ton.
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