Thursday, 29 May 2008

Cambodia rice exports push prices down

CFA Institute Financial NewsBrief 05/27/2008

Cambodia will sell some of its 1 million-plus tons of rice in warehouses now that it knows it has enough for domestic demand, Prime Minister Hun Sen said.

The news adds downward pressure on rice futures, which for two days have fallen by the daily limit set by exchanges.

"With major producers in Southeast Asia braced for harvesting bumper crops in the next couple of months, the global market sees more supplies," said Takaki Shigemoto, an analyst with commodity broker Okachi & Co.

Bloomberg (05/27)

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