Indonesia buys rice in tender for 534,000 metric tons

HAMBURG: Indonesian state purchasing agency BULOG has started buying rice in an international tender for up to 534,000 metric tons of rice sourced from optional origins which closed on Monday, European traders said on Tuesday.

The precise volume bought so far was unclear. Traders reported purchased of about 110,000 tons of rice from Pakistan and about 80,000 tons from Myanmar both at around $635 a ton cost and freight (c&f) included, free out.

There was unconfirmed market talk that an estimated 200,000 tons of rice from Thailand and about 50,000 tons from Vietnam may also have been bought, both at around $665 a ton c&f free out. The long grain white rice was sought for arrival by Jan. 30, 2024.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.