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[webfact]

Thailand wins bid to export rice to Philippines

PETCHANET PRATRUANGKRAI
THE NATION

 

BANGKOK: -- THAILAND will supply 100,000 tonnes of 25-per-cent white rice worth US$42.4 million (Bt1.46 billion) as part of the Philippines’ buffer stock import programme this year, after bidding for the second time. Vietnam also won the bid for 150,000 tonnes.

 

Thailand lowered its quote to $424.85 per tonne, including cost, insurance and freight, after bidding $432 in the first round.

The Philippine National Food Authority's government-to-government procurement committee awarded Vietnam Food Corp a quota of 150,000 tonnes and Thailand, represented by the Department of Foreign Trade, 100,000 tonnes. 

Both countries had to submit offers for the second time after the first round was higher than the Philippine median price of $425 per tonne. 

In the first round, Vietnam quoted $432.75 per tonne.

Chutima Bunyapraphasara, permanent secretary of the Commerce Ministry, "Winning the Philippine tender offer shows that Thai rice is competitive," adding, "Rice traders should not pressure farmers to sell rice at too low a price, as the world markets still have high demand for rice." 

The Foreign Trade Department will assign the Thai Rice Exporters Association to ship this rice under quotas allocated to its members. 

Charoen Laothammatas, president of the association, said 40,000 tonnes of rice of the 100,000 tonnes would be shipped to the Philippines this month and 60,000 tonnes next month.

Charoen said winning the Philippine order was difficult, as the quotation included the cost plus freight. 

Rice exporters need to manage their costs and exchange rate, as the baht has fluctuated and appreciated sharply compared to other currencies.
 

Source: http://www.nationmultimedia.com/business/Thailand-wins-bid-to-export-rice-to-Philippines-30294238.html

 

-- © Copyright The Nation 2016-09-01

[Srikcir]

4 hours ago, webfact said:

Thailand wins bid to export rice to Philippines

Nice spin.

Vietnam wins second lot at a bid of $432.75 per ton by undercutting Vietnam' s successful bid on first lot at $424.85 - lower than the Philippine expected median price of $425 per ton. I'd say Vietnam bested Thailand in the deal overall.

Maybe the RTM could convert its defunct aircraft carrier into a rice cargo ship to lower transport costs.

[ClutchClark]

2 minutes ago, Srikcir said:

Nice spin.

Vietnam wins second lot at a bid of $432.75 per ton by undercutting Vietnam' s successful bid on first lot at $424.85 - lower than the Philippine expected median price of $425 per ton. I'd say Vietnam bested Thailand in the deal overall.

Maybe the RTM could convert its defunct aircraft carrier into a rice cargo ship to lower transport costs.

 

You may have read the story wrong.

 

Vietnam had to rebid because its initial price of $432.75 was too high.

 

Sorry, I know you were looking for a good Thai bashing opportunity this morning. 

[Srikcir]

2 minutes ago, ClutchClark said:

 

You may have read the story wrong.

 

Vietnam had to rebid because its initial price of $432.75 was too high.

 

Sorry, I know you were looking for a good Thai bashing opportunity this morning. 

Sorry, but I wasn't looking for a bashing. I reread the article several times before I commented and again with your comment.

Still seems unclear.

Since you do understand the article, what was Vietnam's winning bid as it did sell 150,000 tons?

[ClutchClark]

4 minutes ago, Srikcir said:

Sorry, but I wasn't looking for a bashing. I reread the article several times before I commented and again with your comment.

Still seems unclear.

Since you do understand the article, what was Vietnam's winning bid as it did sell 150,000 tons?

 

Sorry.

 

The article was confusing but I read elsewhere this morning that Vietnam settled on the same price of $424.85.

 

I had thought I had read it in this article but I was wrong.

[Srikcir]

34 minutes ago, ClutchClark said:

I read elsewhere

Found a Thai article that Vietnam matched Thailand's price.

As Vietnam does not have a minimum daily wage, its production costs have been typically lower than Thailand's costs and thus, a higher profit margin. So matching Thailand's sales price might favor Vietnam. Although with Thai junta subsidies, grants and soft uncollateralized loans to rice farmers/land owners, the true cost of Thai rice production is not so transparent.