Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Malaysia to import more rice only when prices drop
Malaysia's sole rice importer will wait until prices drop below US$600 per metric ton before buying more shipments of the grain, a company official said Tuesday, confirming media reports.

Padiberas Nasional Bhd, or Bernas, expects rice prices to drop further from the current US$720 per ton for benchmark Thai white rice because exporters such as Thailand, Vietnam and India anticipate bumper harvests in August and September, the New Straits Times and The Star said.

"We think the price of rice will soften and are cautious about the government entering the market now to buy a big block," The Star quoted Bernas managing director Bakry Hamzah as saying.

"It's not a matter of time but price ... At high prices, Bernas will make a loss," he said.

A company spokesman, who declined to be named citing protocol, confirmed the comments.

Last month, Bernas bought 200,000 tons (220,462 U.S. tons) of Thai rice, of which 80,000 tons (88,1848 U.S. tons) have been delivered. Bernas is looking to buy 300,000 more tons (330,693 U.S. tons) , but no agreements have been signed yet, the spokesman said.

But Bernas has agreed with a rice mill in Thailand to buy paddy and supply it to the mill for processing before purchasing it at a fixed price, The Star said. Bakry reportedly said the deal could lead to a supply of 60,000 tons (66,138 U.S. tons) a year.

Malaysia consumes about 2.2 million ton (2.43 million U.S. tons) of rice a year, of which 30 percent is imported, mostly from Thailand and Vietnam.

But this year Malaysia is likely to import more as it aims to build up a larger buffer stockpile after rice prices reached record highs in April and sent countries scrambling to secure adequate supplies.
MGR Archive 25.6.2008
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Russia Rapan $ 700
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