SSRice Market Summary - Weekly

This must be the shortest weekly summary we have produced since our inception, and our thanks to Perum Bulog’s tender efforts since the zoom call on 10 March for this. The reality is we have most of Asia looking at this tender, with Vietnam, Thailand, Myanmar and Cambodia seemingly well positioned with recent arrivals backing offers, while Pakistan is already looking old.

Thanks firstly to everyone who invested their time at our SS Rice News Convention 2024 in Danang last week, and what an incredible event it was. You will get more from various links we will share later this week so let’s look at what markets we saw over the last two weeks.

The week started hard and fast with news of Bulog interest showing in the form of a 29 Feb 2024 tender which showed the early offers made for 10 lots of exports to Indonesia, totaling 300 TMT.

Festive markets show lower activity levels with the ongoing Lunar New Year, which formally closes this weekend, while we also have a large food show in UAE providing markets with some buyer-seller engagements. 

Firstly, our best to all who celebrate the Lunar New Year this weekend, Chinese New Year of Tet, will see a huge holiday season that often lends to a market quiet across global markets. 

No surprises, as we finally got the Bulog tender on 29 Jan, and after some intense negotiations, we have 17 lots, divided into 14 Viet sales, 2 Pak sales and 1 Myanmar sale based on what we managed to get from sources who are close to the deals

Bulog remains a central part of discussions as most in the market agree that the 29 Jan 2024 tender for 500 TMT will test Bulog with $700 PMT prices, and as decisions on how much and where procurement will come from will drive price trends at the respective origins.

There is only one news driving markets this week, and that was the 17 Jan announcement for a 500 TMT tender from Indonesia’s Perum Bulog

Indonesia, or Bulog, remains a topic, even as Bulog was mostly receiving rice ordered over the last month, speculation of a new tender seems to be on of the highlights as we saw Pak prices add $30-40 PMT with market prices shooting up while Bulog has remained silent on any new tenders.