May 12, 2004

Philippine NFA Seeks Up To 340,000 MT Corn In June Tender

The Philippine National Food Authority will seek to buy up to 340,000 metric tons of optional-origin corn in a tender to be held in the first week of June, a senior NFA official said Wednesday.

The corn will be for June arrival, the official said, to fill a domestic shortage as local corn prices have risen to 12 pesos ($1=PHP55.46) a kilogram from a range of PHP9.20 to PHP10/kg less than a month ago.

NFA will import the yellow corn on behalf of local feed millers and livestock and poultry raisers.

In early April, NFA bought 10,000 tons of corn from Toepfer International Asia Pte. Ltd. at $186.80/ton, cost and freight basis to the Philippines.