Rice prices hit their highest level in more than a year on Monday after the Philippines, the world’s largest importer of the commodity, announced another massive tender that will bring its purchasing for 2010 to record levels.
Rice is the staple of about 3bn people in Asia and prices are a politically sensitive issue for importing countries in the region and for buyers in the Middle East, such as Saudi Arabia and Iran, and west Africa, including Nigeria and Senegal.
