RP feedmillers interested in Indonesian corn<\/p>\n
MANILA (Reuters): Philippine feedmillers, hog and poultry
\nfarmers are interested in buying Indonesian corn if prices are
\noffered below U.S. or Chinese corn, an industry executive said
\nyesterday.<\/p>\n
"We received informal offers of Indonesian corn a month ago
\nbut we said we are waiting for the government's approval of our
\npetition to import duty-free 300,000 tons of yellow corn this
\nyear," said the executive of a local feedmill.<\/p>\n
"After we get the approval to import duty-free and the
\nIndonesian price is right, then we will buy," he told Reuters,
\nspeaking anonymously.<\/p>\n
The Philippines imposes a tariff of between 35 and 80 percent
\non corn imports. It has been buying corn, mostly from the U.S.
\nand China, to meet a domestic shortage.<\/p>\n
On Tuesday, traders in Jakarta said Indonesia has turned into
\na corn exporter from an importer as tumbling meat consumption
\nthis year has slashed demand for animal feed and left a surplus
\nof corn.<\/p>\n
Manila grains traders said U.S. corn was quoted yesterday at
\naround $180 per ton C&F while Chinese corn was offered at $130 to
\n$140 per ton C&F.<\/p>\n
The Philippine executive said local corn importers had asked
\nPresident Fidel Ramos if they can import on their own.<\/p>\n
Imports made through state-trading firm National Food
\nAuthority (NFA) are usually given a lower tariff.<\/p>\n
Rice market<\/p>\n
Meanwhile, Philippines agriculture secretary Salvador Escudero
\nsaid yesterday, Indonesia's deadly drought and economic crisis is
\nconstricting an already tight international rice market,<\/p>\n
"Indonesia is importing 600,000 metric tons every month. That
\nis a lot of supply being withdrawn from the international
\nmarket," Escudero told reporters.<\/p>\n
Manila is closely monitoring the situation because of its own
\ndrought problems brought on by the weather phenomenon, El Nio,
\nwhich is expected to be followed by heavy flooding when the dry
\nspell ends, he added.<\/p>\n
The official said he had not obtained permission from
\nPresident Fidel Ramos to import rice, with the country's
\ninventory now adequate for 84 days, which he said was between
\neight and 10 percent higher than in the same period last year.<\/p>\n
Indonesian authorities have said they would import 2.9 million
\ntons of rice this year.<\/p>\n
Thailand, the world's top rice exporter, announced this month
\nthat it will donate 5,000 tons of rice to Indonesia while it was
\nreported in Tokyo that Jakarta had unofficially asked Japan to
\nsend half a million tons to help alleviate food shortages.<\/p>",
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"sponsor": "Okusi Associates",
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