Following the rice growing countries’ announcement that all of them are expecting a bumper crop this year, Malaysia, a major rice importer, has decided to take a wait-and-watch police as far as rice imports are concerned.
Malaysia will wait for the prices to come down before placing further orders to import rice from Thailand.
According to Padiberas Nasional Bhd, Malaysia’s only rice importer, the company expects the prices to cool down before it enters the market again.
It expects the rates to fall below $600 per tonne before buying more rice.
The importer expects rice prices to fall from $720 per tonne for benchmark Thai white rice, because rice exporters such as Thailand, Vietnam and India predict bumper harvests in August and September.
Padiberas Nasional, also known as Bernas, is cautious about the government entering the market now to buy a big block of rice.
Bernas purchased 200,000 tonnes of Thai rice this past month, of which 80,000 tonnes have been delivered. Bernas is also keen to buy 300,000 tonnes from Thailand, but no agreements have been signed yet.
Source: Commodity Online
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