Asian physical rice indicative export prices were sharplyhigher Wednesday from Friday, boosted by fresh demand from the Philippines amidtight supplies in most origins, exporters said. Offers made at a Philippine National Food Authority tenderTuesday, at prices50% higher compared to contract prices signed in January, have lifted exportprices in Thailand, Bangkok-based exporters said. (Thailand and Vietnam are thetwo top rice suppliers to the Philippines.) "Prices at the Philippine tender have set the trend for other prices. If(low-quality) 25% broken was being offered at $600 a metric ton, FOB, whatshould the prices of other varieties be?" an exporter asked.
Meanwhile, most Thai suppliers aren't keen on signing new deals as domesticprices are at lofty levels. "No one is willing to sign forward contracts because prices could rise by$100 in a matter of days," a second exporter said. Thai 100% grade B was indicated at $556-$560/ton, FOB Bangkok; 5% broken at$544-$550/ton, FOB and parboiled at $600-$604/ton, FOB. These prices are about$50 higher from prices indicated Friday. However, the exporters added actual offers would be higher by $20/ton asindicative prices don't include the suppliers' profit.
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