The Philippine National Food Authority bought 323,870 MT of rice, mainly from Thailand, at prices up to 60% higher compared with the prices for mid-March contracts. The bulk of the imports involve the 25% broken variety for shipment between May and June this year.

The average contract price was $1,135 PMT, C&F around 60% higher from the average price of $700 PMT for mid-March contracts.

Of the volume contracted Thursday, 195,000 MT of rice will come from Thailand, 103,875 MT from Vietnamese suppliers and 25,000 MT from Pakistan.

The latest volume takes Philippine rice imports so far this year to around 1.52 million MT out of an import quota of 2.1 million MT.

The NFA plans to buy up to 500,000 tons of rice in the May 5 tender.