Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Futures  >  Chicago Board Of Trade  >  ZR (ZR) - CBE (ELECTRONIC)/C1       

ZR (ZR) - CBE (ELECTRONIC)/C1

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Bangladesh issues first rice import tender in three years

11/16/2020 | 08:44am EST
FILE PHOTO: Workers sun dry paddy at a rice processing mill after reopening amid concerns over the coronavirus disease (COVID-19) outbreak in Munshiganj

DHAKA (Reuters) - Bangladesh's state grains agency issued an international tender to purchase 50,000 tonnes of rice on Monday, its first buying tender in three years amid dwindling supplies and a surge in prices of the staple grain.

The deadline to submit offers is Nov. 26, with validity up to Dec. 10. The rice is to be shipped within 40 days of signing a contract, according to the tender document and officials at the purchasing agency.

Bangladesh plans to import 300,000 tonnes of rice, a senior food ministry official said, amid a potential shortfall in output after floods destroyed its crop.

Market participants, however, said the move would hardly have any impact on prices of the grain, which have gone up around 50% since March, amid the coronavirus pandemic that has pushed local prices to record highs due to panic buying.

"I don't think the government will be able to tame prices that way. It should rather cut import duty on rice," a Dhaka-based trader said.

In 2019, the government raised the rice import duty to 55% from 28% to support farmers amid widespread protests by growers over a dramatic fall in prices.

"There is no plan to cut import duty at present. We need to protect our farmers," Agriculture Minister Abdur Razzak said, adding the government would increase imports if required.

The rain-fed rice output or Aman crop is expected to fall as much as 15% this year, due to repeated floods and excessive rainfall, an official at the agriculture ministry said.

A recent domestic rice procurement drive by the government fell nearly 1 million tonnes short of the 1.95 million tonne target.

Bangladesh, the world's third-biggest rice producer with nearly 35 million tonne output a year, relies on imports to cope with shortages caused by natural disasters such as floods or drought.

(Editing by David Evans)

By Ruma Paul


© Reuters 2020
All news about ZR (ZR) - CBE (ELECTRONIC)/C1
01/25Thailand targets exports of 6 mln tonnes of rice in 2021
RE
01/21MARKET CHATTER : South Korea's Domestic Sales of Processed Rice Products Soar 11..
MT
01/21Indian rice prices gain, higher Thai prices dampen demand
RE
01/20FEED FIGHT : African consumers hit as Asia gobbles up rice supplies
RE
01/20ARRAY TECHNOLOGIES : Johnson Rice Starts Array Technologies at Accumulate with $..
MT
01/18FRASER AND NEAVE : & Neave's Unit Closes Acquisition of Malaysian Condiments, Ri..
MT
01/06Indian rice shipping delays come at bad time as consumer demand spikes
RE
01/05SOLAREDGE TECHNOLOGIES : Johnson Rice Downgrades SolarEdge Technologies to Hold ..
MT
01/05Bangladesh's rice imports could surge to 2 mln T - govt source
RE
01/05Thai rice exports to stay low in 2021 on global shipping container crunch
RE
More news
Chart ZR (ZR) - CBE (ELECTRONIC)/C1
Duration : Period :
ZR (ZR) - CBE (ELECTRONIC)/C1 Technical Analysis Chart | MarketScreener
Technical analysis trends ZR (ZR) - CBE (ELECTRONIC)/C1
Short TermMid-TermLong Term
TrendsBullishBullishBearish