SSRice Market Summary - Weekly
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.
NEW YEAR GREETINGS FROM TEAM SSRN, as we move into what will be our first full year of market coverage
MERRY CHRISTMAS AND A HAPPY NEW YEAR TO ALL. What a year it has been, and in our short SS Rice News existence of exactly 6 months, we have now crossed 30 reports in 2023
As expected, the highlight this week came from Bulog’s tender which started on Monday 11 Dec 2023
We heard last week of Bulog’s troubled delivery of contracted purchases and this week
Markets this week saw highlights come from a deep dive from the dollar, which in turn strengthened selected Asian currencies and boosted prices.
Markets are looking firm as we saw the dollar weaken this week to lend to a strong Asian currency, while we also saw more of the main crop harvests enter the commercial stream, and this combined with sales
Markets were looking calm for another week, at least in terms of big news items, there were few and none more significant than Pakistan’s recently revealed adjustments on the Minimum Export Price (MEP – details are enclosed), as we see the main adjustment in basmati rice MEP
SSRice Prices Update
SSRice Special - Weekly
This report is a update on an earlier report in June, and considers the active Indonesia demand as a key demand element supporting global rice markets.
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