April 11, 2007

Philippines NFA buys 120,000 tonnes Argentine corn
 

The Philippine National Food Authority bought 120,000 tonnes of Argentine corn from trading houses Cargill and Toepfer in a tender concluded Wednesday.

Toepfer will supply 60,000 tonnes corn at US$215.50/tonne, on a cost and freight basis, for arrival in the Philippines in June.

Cargill will also supply 60,000 tonnes at US$215.48/tonne, on a cost and freight basis, for arrival in the Philippines in July.

The imports are intended to fill a shortfall in local output.

The NFA bought the corn on behalf of local end-users, which include the feed milling, poultry and livestock industries.

Domestic end-users were earlier allowed by the agriculture department to buy corn at zero tariff, because of the high corn prices in the world market.