August 23, 2007

Philippines to re-issue tender of 80,000 tonnes corn

The Philippines will re-tender 80,000 tonnes of corn after a prolonged dry spell hit harvests.

The National Food Authority, the government's grain importing arm of the government, said they are waiting for the Agriculture department to give them the green light before scheduling a tender date.

In May, Philippine feedmillers rejected all offers for the supply of the 80,000 tonnes of corn because of high prices.

In the last tender, trade house Louis Dreyfus submitted the lowest offer of US$223.69 per tonne, including cost and freight, for the supply of 60,000 tonnes of Argentine corn.

The Philippines plans to buy 400,000 tonnes of corn overseas this year to bridge the gap in local production for animal feed. A lack of rain has since cut domestic output.