The Philippines Star reported that the country’s feed manufacturers are hedging against a predicted rise in corn prices by importing 40,000 metric tons of wheat in the last weeks of 2009. Wheat, including feed-grade wheat, is not subject to tariffs thanks to an executive order intended to keep bread prices down, which expires at the end of the month.
Roger Navarro of the Philippine Maize Federation said that the wheat imports could hurt local corn farmers, who have a surplus on their hands. The price of domestic corn is currently P10.50 to P11.50 per kilogram, compared with P12 to P12.50 for a kilogram of feed wheat. Imported corn costs $260 for a metric ton, according to the newspaper.