The Philippines has purchased 68,450 tonnes of soymeal and 74,600 tonnes of feed wheat for shipment early next year, according to traders on Friday (Nov 24, 2008).

The Philippines bought 61,450 tonnes of Argentine soymeal from Cargill, with 28,800 tonnes to be shipped in February and the rest between March and April.

The February shipment was bought at US$40.50 per tonne over the CBOT contract SMH9, including cost and freight, while the soymeal for March/April shipment was purchased at US$26.50 per tonne over CBOT May SMK9, traders said.

The Philippines also bought 7,000 tonnes of Indian soymeal from Bunge at US$292 per tonne for shipment in January.

Local feedmillers bought wheat from Glencore Grains at US$144.50 per tonne, including cost and freight. Of the total, 35,200 tonnes will be shipped in February and the remaining 39,400 tonnes between March and April.

On Wednesday (Nov 19, 2008), the Philippines decided to remove the 7 percent tariff on feed wheat imports for six months to help stabilise domestic prices.