Indonesian state food procurement agency Bulog bought about 500,000 tonnes rice in deals agreed late on Wednesday, European traders said on Thursday. Some 300,000 tonnes will be sourced from Vietnam and 200,000 tonnes from Thailand, they said, adding that prices were agreed on Wednesday and final contracts are due to be signed on Thursday.
Bulog said on March 20 that it planned to import a total 500,000 tonnes of rice up to the end of June in a programme to boost local supplies and cool domestic prices. "I think these purchases will complete Bulog's import plans for the time being," one European trader said.
The purchase involved 300,000 tonnes of Vietnamese rice of 15 percent broken grade, all to be bought at $465.90 a tonne CIF Indonesia, traders said. The seller was said to be Vietnam's Vinafood. Another 200,000 tonnes of Thai rice of 5 percent broken grade was to be purchased at about $473.80 a tonne CIF Indonesia. Sellers were unknown. All of the 500,000 tonnes is for rapid shipment in April and May. Bulog had also bought about 50,000 tonnes of rice from Pakistan on March 21 for shipment up to May 31.