SSRice Market Summary - Weekly
We write this report on the request of readers who seek an update on markets ahead of next week’s Bulog tender for 450 TMT of WR 5% for Oct-Nov delivery. This ultra short summary comes from Bali, as the Indonesia International Rice Conference 2024 concluded.
Bayu Krisnamurthi, President Director of Perum Bulog was replaced by Wahyu Suparyono.
There was clear focus on Indonesia’s 350 TMT tender.
This week has almost exclusively been about more speculation around India which weighs heavily in a market.
Our second SS Rice News Network 2024 held in Manila on the 22 Aug 2024 with the support of our co-hosts the Philippines Rice Industry Stakeholders Movement (PRISM).
The highlights this week showed some heated markets, especially in Thailand
The week’s markets were interesting in terms of a return of talk of India removing restrictions on white rice exports, though almost all sources confirm discussions, as well as the likelihood of the removal of restrictions to come with conditions like a duty, while the Minimum Export Price condition was also mentioned by some.
The 31 July tender for 320 TMT from Indonesia saw Bulog pull off another sterling procurement effort that saw all 12 lots bought at $563 PMT CNF price.
The week revealed a few interesting points we would like to highlight in this week’s report.
The issues remain unchanged, and this is one of those weeks when the Trump assassination attempt headlined, related news, U.S elections and Fed talks dominated shifts in the dollar, as markets look more defensive, while the U.S. economy is under the microscope.
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SSRice Videos
SS Rice News Convention 2024 provides an event focused on information and intelligence gathering blended with networking for two days of analysis, discussion, meeting opportunities in a mix of formal and informal settings to provide and ideal environment to gain from 2 or even 3 days of rice related activities in the idyllic environment in Danang, Vietnam. With presentation and panel session featuring our own analysis of markets, and key issues that markets will need to focus on as the 2023/24 trading year reveals itself, with the Thai, and Indian main crops, as well as key harvests we see in Pakistan, Myanmar and as rice production reaches a peak across Southeast Asia (including Indonesia, Philippines and Malaysia), to reveal the biggest harvests across global markets.
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