No more shortage of feed grains in Philippines
The Philippines, Southeast Asia's second-biggest importer of wheat, has covered grain supply shortage with shipments in the first half and is unlikely to buy any more feed grains this year.
“We have imported more than enough to meet our shortfall in supply this year,” Butch Umengan, executive director of industry group the National Corn Board, said to Bloomberg by telephone.
“The next orders will likely be for January delivery.” The feed grains shortfall was no more than 1 million metric tons this year,” he said.
A lack of Philippine purchases may extend a slide in prices of wheat and corn, which are used to make animal feed.
Wheat futures have fallen 21% from an eight-month high on June 1, while corn is headed for a third weekly drop after reaching a seven-month high on June 3.
The National Corn Board, which represents feed millers, meat producers, corn planters and suppliers, would review the domestic supply-and-demand situation in September, when it would also release its import forecasts for next year, Umengan said.
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