RP feedmillers seeking up to 20,000 T yellow corn
MANILA - A group of Philippine feedmillers is seeking offers for supply of up to 20,000 tons of yellow corn after 2 failed tenders due to high prices, trade sources said on Tuesday.
The group is eyeing shipment for Jan. 10-25 and Jan. 25-Feb. 5 and prefers corn from Southeast Asian countries, the sources said.
"The need is not urgent because there's ample local supply. The importers won't buy if they don't get their target price," one source said.
The feedmillers' group failed to secure the volume of corn it wants to buy at 2 tenders on Nov. 4 and Nov. 13 due to high prices offered, the sources said.
The country has imported around 310,000 tons of yellow corn in 2009, from origins including Brazil, United States, Thailand, India and Indonesia, following a surge in local corn prices earlier this year. It did not import corn in 2008.
The Philippines' corn output is projected to drop 1.2% to 1.9 million tons in the first quarter of 2010, on limited financing as farmers switch to more profitable crops, according to government estimates released last week.
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Imported yellow corn
i think the importation is out of place. Contrary to reports by importers that there was a surge in local corn supply prices, farmers from southern parts of mindanao were forced to divert from planting corn to fruits and cassava plantations as prices were very low ranging from Php9.oo-10.20 pr kilo. If this is to continue and the importation allowed, there may be little left of corn plantations as farmers could barely recover the costs of farm inputs specially the price of fertilizers. The gov't should realize the need to help the farmers into corn plantation, it should place a price cap on the cost of fertilizers.