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November 23, 2008

Philippines to import wheat, soymeal in 2009

The Philippines bought 74,600 tonnes of feed wheat and 68,450 tonnes of soymeal for shipment early next year, Reuters quoted traders as saying Friday.

Local feedmillers purchased the wheat from Glencore Grains at $144.50 a tonne, cost and freight, traders said. Of the total, 35,200 tonnes are for shipment in February and the remaining 39,400 tonnes between March and April.

Manila also purchased 61,450 tonnes of Argentine soymeal from Cargill Inc, with 28,800 tonnes to be shipped in February and the rest between March and April.

Cargill sold the soymeal for February shipment at $40.50 per tonne over the Chicago Board of Trade March contract SMH9, including cost and freight, traders said.

The soymeal for March/April shipment was sold at $26.50 a tonne over CBOT May SMK9, traders said.

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

The Southeast Asian nation on Wednesday decided to scrap the 7 percent tariff on feed wheat imports for six months to help stabilise domestic prices.

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