HAMBURG, March 1 (Reuters) -Indonesian state purchasing agency Bulog is believed to have purchased about 300,000 metric tons of rice an international tender which closed on Wednesday, European traders said on Friday.

The precise volume bought was unclear but most trader estimates were around the 300,000 ton level, the same as sought in the tender. Some trade estimates were at 307,000 tons.

Traders said most will be sourced from Thailand plus some from Pakistan. The lowest price was estimated at $624 a ton cost and freight (c&f) for rice from Thailand.

The rice was sought for quick arrival by April 30, as the country makes efforts to boost supplies and cool prices down.

Prices for rice, the staple food for most of Indonesia’s 270 million people, have risen more than 16% since last year as the El Nino weather phenomenon reduced rainfall across large parts of Asia, leading to a smaller crop.

Traders said the rice was purchased in 10 consignment lots each of about 30,000 tons but not all exactly the same size.

These purchase were believed to have been made, with the selling company, price per ton c&f and expected origin:

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

Reporting by Michael Hogan, Editing by Hugh Lawson

Published Date: March 1, 2024