March 21, 2011

Philippines buys 45,000 tonnes feed wheat at US$295/tonne

The Philippines has bought two feed wheat cargoes totalling 45,000 tonnes at US$295/tonne, cost and freight, benefitting from the latest drop in global prices, trading executives said Friday (Mar 18).

They said the purchase is for shipment in May and is likely supplied from Australia.

Australian C&F feed wheat was being offered at US$310/tonne-$315/tonne 10 days ago, but prices have tumbled in tandem with a decline in futures on the CBOT.

During price negotiations with the buyers in the Philippines Thursday, one of the prospective suppliers scaled down its offer price by US$11 a tonne, said a trader familiar with the developments.