October 27, 2008

        

Philippines buys 120,000 tonnes feed wheat as price drops
         

 

Following a drop in global prices, the Philippines has purchased 120,000 tonnes of wheat from Ukraine and may buy more next year, industry officials said on Friday (October 25).

 

Ukrainian wheat was priced US$180 to US$240 per tonne, cost and freight, officials said.

 

The country imported 393,000 tonnes of wheat for feed last year, mostly from China, but stopped buying until this month due to high prices.

 

If the price drop continues, heavy imports are expected by next year, according to an executive.

 

The higher cost of yellow corn in the domestic market is also encouraging importers to buy wheat overseas. Both yellow corn and wheat can be used as animal feed. The landed cost of wheat comes to about P9 (US$0.18) per kilogramme, compared to P12 to P13 pesos/kg for corn, the official said.

Video >

Follow Us

FacebookTwitterLinkedIn