Rice futures surged to the highest level since January after the Philippines, the world's biggest importer, said it may arrange a second tender by yearend after storms cut local output, potentially boosting global demand. The Philippines has enough rice to last the rest of this year, Agriculture Secretary Arthur Yap told reporters, reiterating recent comments. The country will import "only as a last resort," he said, without giving a figure for how much may be bought in a second tender. The Philippines "has the flexibility to enter the market when appropriate," Yap said.

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