October 20, 2003

Philippines Buys 50,000 MT Chinese Wheat, $149.20/Ton, C&F

A group of Philippine hog raisers, poultry raisers and feed millers bought 50,000 metric tons of Chinese wheat Thursday at $149.20/ton, C&F basis, an industry official said Monday.

The official said 25,000 tons will arrive in January, while the remaining 25,000 tons will arrive in February.

The imports will help address a shortfall in local corn production.

Hog raisers, poultry raisers and feedmillers are now opting to import wheat following the failure by the National Food Authority to buy 150,000 tons of corn in two separate tenders due to high prices.

Corn and its substitutes, such as wheat, are major ingredients for feed manufacture.