MANILA, Philippines - London-based research company Business Monitor International (BMI) is now looking at a global rice deficit of 6.7 million tons next year, following significant storm damages to the Philippines' key rice-producing areas. BMI also cited India's need to tap the international rice market in 2010 for the first time in 21 years due an erratic monsoon, resulting to an upward pressure on rice prices. "The world's largest rice importer [Philippines] has recently begun to ramp up imports. We now project a global rice deficit of 6.7 million tons in 2010, rather than the previously anticipated balance," BMI said in the Asia edition of its Global Macro Monitor.

Five firms have offered to sell rice to the Philippines at $618.95 to $768.50 a ton, including cost and freight, at an import tender for 600,000 tons on Tuesday, up from offers at a tender for a similar volume last week. (Read: Offers at RP rice tender rise further)

The tender was the second of the 3 of the same volume scheduled for this month as the Philippines secures 2010 supplies after typhoons "Ondoy" and "Pepeng" (international code names Ketsana and Parma, respectively) destroyed crops. With a report from Reuters