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Philippines cancels purchases of rice, low prices
http://lta.reuters.com/article/topNews/idLTAN0549584920080505
Philippines cancels purchases of rice, low prices
Monday May 5, 2008 14:03 GYT Print | A Page [-] Text [+]
1 of 1Tama?o CompletoPor Caramel Crimmins
Manila (Reuters) - Philippines on Monday suspended its highest tender for the purchase rice so far this year and said he preferred to wait until prices retreat, which sent a signal to markets that prices grain have reached a ceiling.
The provision of Manila curb their purchases would give a respite to importers who have been fighting in recent weeks for supplies of grain. The rice prices have tripled this year due to global stocks are located at its lowest level since the early 1980's and faced a strong demand.
The upset by the high cost of food has generated protests from Haiti to Bangladesh. The latest incident of violence came on Monday in Somalia, where a couple was shot to death.
Philippines, the world's largest importer of rice, said that prices took a bearish trend and, after cancelling a tender to purchase 675,000 tons of grain, he added that it could possibly wait until the third quarter to return to the market.
In Spain, the president of Ebro Puleva, one of the largest sellers of rice in the world, said that prices would fall to 600 dollars a tonne next year.
The B grade white rice 100 percent Thai, referential worldwide, currently operates around the 990 U.S. dollars per ton, below the record high of $ 1,000 per ton recorded at the end of last month, amid a wave of panic encouraged by the restrictions set by India and Vietnam.
On the other hand, was not yet clear what would be the impact of a devastating cyclone that hit on Saturday to Myanmar on rice supplies. The Foreign Minister of Myanmar, Nyan Win explained to Reuters that 10,000 people were killed.
The state media in Myanmar, the world's largest exporter of rice before World War II, said in April that the country had exported about 400,000 tons of rice last year because he had enough supplies to feed its 53 million inhabitants .
[... There are 2 more pages in this article, at the above-mentioned Web site]
http://lta.reuters.com/article/topNews/idLTAN0549584920080505
Philippines cancels purchases of rice, low prices
Monday May 5, 2008 14:03 GYT Print | A Page [-] Text [+]
1 of 1Tama?o CompletoPor Caramel Crimmins
Manila (Reuters) - Philippines on Monday suspended its highest tender for the purchase rice so far this year and said he preferred to wait until prices retreat, which sent a signal to markets that prices grain have reached a ceiling.
The provision of Manila curb their purchases would give a respite to importers who have been fighting in recent weeks for supplies of grain. The rice prices have tripled this year due to global stocks are located at its lowest level since the early 1980's and faced a strong demand.
The upset by the high cost of food has generated protests from Haiti to Bangladesh. The latest incident of violence came on Monday in Somalia, where a couple was shot to death.
Philippines, the world's largest importer of rice, said that prices took a bearish trend and, after cancelling a tender to purchase 675,000 tons of grain, he added that it could possibly wait until the third quarter to return to the market.
In Spain, the president of Ebro Puleva, one of the largest sellers of rice in the world, said that prices would fall to 600 dollars a tonne next year.
The B grade white rice 100 percent Thai, referential worldwide, currently operates around the 990 U.S. dollars per ton, below the record high of $ 1,000 per ton recorded at the end of last month, amid a wave of panic encouraged by the restrictions set by India and Vietnam.
On the other hand, was not yet clear what would be the impact of a devastating cyclone that hit on Saturday to Myanmar on rice supplies. The Foreign Minister of Myanmar, Nyan Win explained to Reuters that 10,000 people were killed.
The state media in Myanmar, the world's largest exporter of rice before World War II, said in April that the country had exported about 400,000 tons of rice last year because he had enough supplies to feed its 53 million inhabitants .
[... There are 2 more pages in this article, at the above-mentioned Web site]