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NFA buys rice from Vietnam, Pakistan
With this award, NFA has so far contracted 950,000 MT of imported rice, and it is still set to tender another 400,000 MT on May 24 aside from about 100,000 MT in the first week of June.

Jessup P. Navarro, NFA deputy administrator, said NFA bought 15,000 MT of 15 percent brokens from Pakistan through Peter Cremer at $298.88 per MT, C&F).

Navarro said the remaining 60,000 MT has been awarded on a pro-rata basis to all nine Vietnam bidders which offered at the same price of $295.20 per MT for a total of 355,000 MT during the May 4 bidding.

Awarded on pro-rata basis were Vietnam state trader Vietnam Southern Foods Corp. (which offered 44 percent of the volume); An Giang Import Export, An Giang Tourimex, Dong Thap Foods An Giang Agriculture, Long An Food, and Vinh Long, (7 percent each); and Dong Thap Commerce and Thot Not General (4.2 percent each). Delivery for 50 percent of the volume should be not later than June 15 and not later than July 15 for the balance.

NFA Administrator Gregorio Y. Tan Jr. said NFA will likely subject another importation of 100,000 to 125,000 MT to a bidding in the first week of June representing the balance of farmers’ allocation.

Tan said NFA did not buy the entire 200,000 MT that was tendered last May 4 as farmers and traders refrained from buying a significant volume of the import that NFA is turning over to them due to the high price of rice in the world market.

"We’re holding another bidding by the first or second week of June," he said. NFA didn’t import all (200,000 MT) "because what if there are no buyers?" Tan said, explaining there is no urgency to the delivery date for this farmers’ import as NFA is the one importing the security stock.

Navarro said farmers and traders have so far bought through NFA’s auction only about 150,000 MT of the 15 percent brokens which gives NFA another 50,000 MT to auction off to the private sector in the first week of June.

Navarro said government is letting the private sector distribute the higher-quality 15 percent brokens since NFA will have a higher revenue from this than the lower-quality 25 percent brokens
MGR Archive 11.5.2005
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Russia Rapan $ 700
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