October 23, 2007

Philippines postpones corn tender to November due to current high prices

Philippine feed millers and raisers of poultry and livestock plan to buy 70,000 metric tons of corn in a tender to be held in early November by the National Food Authority, a feed miller industry official said Tuesday (October 23, 2007).

The planned tender follows a decision by local end-users to reject offers made Tuesday at an auction for the supply of 70,000 tonnes of corn due to high prices.

"Even the lowest offer at today's tender will translate to a landed cost of PHP15.70/kg, against local prices of around PHP13.20/kg," said Eli Miranda, an official of the Philippine Association of Feed Millers Inc.

The lowest offer was made by Toepfer International Asia at US$304.50/tonne on a cost-and-freight basis for Thai corn.