Rice prices have moved to levels not seen since last year's so-called super-spike as a buying spree by the Philippines, the world's largest importer, tightens the market.
Manila received offers yesterday for it to buy low quality rice at about $630 a tonne, up 30 per cent from last month's tender, and double the $320 a tonne seen earlier this year.
The rally comes as global rice production is set to fall in 2009-10 for the first time in five years as a result of India's driest monsoon in four decades, a series of typhoons destroying crops in the Philippines and droughts elsewhere because of El Niño weather phenomenon.
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