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Indonesia bought about 320,000 T rice in tender, traders state

Indonesian state acquiring company Bulog is thought to have actually bought about 320,000 metric lots of rice in a global tender late last week, European traders stated on Monday.

Traders stated 185,000 lots of rice is anticipated to be sourced from Vietnam and 135,000 lots from Myanmar, and all of it is thought to have been acquired at an approximated at $563 a lot cost and freight totally free out.

Reports show evaluations from traders and changes in price and volume quotes are still possible later.

The due date for submissions of cost offers in the tender was July 31. Bulog typically starts price settlements after preliminary deal submissions which normally last several days, traders said.

Bulog sought white rice of 5% broken grade from the 2024 crop year crushed not longer than 6 months earlier, traders said.

The rice might be offered from Vietnam, Thailand, Myanmar, Cambodia and Pakistan with arrival in Indonesia between August and September.

The tender follows a series of large international purchases by Indonesia's government in the very first half of this year as part of efforts to increase rice imports to cool prices after a bad local crop.

Indonesia could import as much as 4.3 million tons of rice this year if the domestic harvest is insufficient, the country's. National Food Company stated on July 22.

The nation, which imported 2.22 million lots of rice. between January and May, presently plans to import 3.6 million. lots of rice this year.

Indonesia's data agency has estimated that rice output. for January to August will be 9.52% lower than the exact same duration. in 2023.

Domestic prices of the staple for the nation's 270 million. individuals were almost 12% higher in June from a year previously after. crops were struck by unfavorable weather.

(source: Reuters)