Manila rice auction fails to attract enough bids

A Philippine rice auction attracted only around 335,500 tons of tenders, below the 550,000 tons required, and at high prices, Reuters calculations on Tuesday showed. Prices ranged from $618.5-$745 a ton, including cost and freight, from 10 bidders. At the government's last rice tender in January, the average price was $474.41 per ton. Vina Foods submitted the largest tender of 128,000 tonn, to be sourced from Thailand, Vietnam and Pakistan. The other trading firms said the would source their bids from the same three countries and China.