Credit: REUTERS/Beawiharta Beawiharta

HAMBURG, Jan 30 (Reuters) – Indonesian state purchasing agency BULOG has started purchasing in an international tender for up to 500,000 metric tons of rice which closed on Monday, European traders said on Tuesday.

The precise volume bought so far was unclear, traders estimated about 470,000 tons had been bought with negotiations about the rest continuing.

Traders expected the bulk of the purchase to be sourced from Vietnam with some from Pakistan and Myanmar.

Lowest price for the rice from Vietnam was estimated at about $648 a ton cost and freight (c&f) included with a substantial volume from Vietnam said to have been bought at between $653 to $660 a ton c&f.

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

(Reporting by Michael Hogan)

Published Date: January 31, 2024