Philippines: rice prices softening amid Japan offer, bumper crops

0 Comments | AFP, May, 2008

MANILA (AFP) — The Philippines, one of the world's largest rice importers, said Friday prices are softening after Japan offered to sell rice to Manila amid news of bumper world harvests for 2008.

Large tenders by the Philippines to fill its expected 2008 production gap of up to 2.7 million tonnes have helped drive up prices by 76 percent between December 2007 and April 2008, according to the UN Food and Agriculture Organisation.

However, the government's grain procurement arm, the National Food Authority (NFA), has seen prices in the international market ease, NFA spokesman Tom Escarez told AFP.

"Prices spike every time we have a large tender. The market became quiet after the tender for 675,000 tonnes failed and the market realised we were not in a hurry,"...