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Physical therapy clinic introduces new way to heal

LOOKING for ways to better serve its clients and expand the services it offers, physical therapy clinic Almario Physio Team (APT) has come with a new program which it touts as an “error-free method” for treating recurring pain.

APT’s Prueba is an all-encompassing genetic profiling treatment program designed to optimize one’s health and well-being. It uses innovative diagnostics technology from the United States.

“Prueba is a physical therapy program based on a person’s DNA. This is a first in the country. Here we get insights from your genes and we use those to tailor-fit the program to how we can help you reach your health potential. It’s like customizing the program for a specific person,” Marianne Yee, a pioneer physiotherapist at APT and head of its training and research department, told BusinessWorld at Prueba’s media launch on May 30 at the clinic’s branch at The Infinity in Bonifacio Global City, Taguig.

The program aims to find out one’s underlying health problem on recurring pain on muscles and joints, which usually occur even after a patient has already taken medicines or when procedures were already done.

Using the results of the genetic analysis as “map,” Prueba combines pain management, weight management, and strength and conditioning in one program.

This helps patients, APT said, return to their productive lives and reach their maximum health potential, without worrying about constantly going back to their physiotherapy centers.

The Prueba Premium Program consists of four steps — identification (gene profiling), preparation of the body, enhancement, and maintenance — and makes use of machines like the Rehab Roller, Rehab Capsule, Vacuum Treadmill, Body Composition Analyzer, and Real Time Ultrasound Imaging (RTUI) for core muscles. APT’s physiotherapists are trained to use these, keeping in mind the mission of giving the most comfortable and pain-free experience for the patients.

“It saves you time, money, and effort as it assures results. It utilizes the most accurate of references which are your genes. And it is for everybody,” said Ms. Yee.

She was seconded by APT Chief Executive Officer Ayeza Almario, who highlighted that a program like Prueba is very apt nowadays.

“During our seven years in the physical therapy industry, my team has constantly been looking for how we can treat patients to prevent the recurrence of pain. It’s not because I don’t want to see them again but because I understand what they are going through,” said Ms. Almario.

“If I myself spend this much time and effort but still am unsatisfied with my results, what more our patients. I told myself that I want a map that will bring me to the right direction for my health. I want to share this map with our patients,” she added.

Ms. Yee said that for now the Prueba program is only available at the clinic in The Infinity BGC but they hope to bring it to the other branches in the future.

For more information on the Prueba treatment program and other APT services and programs, visit www.almariophysioteam.com. — Michael Angelo S. Murillo

Tanduay targets 10% sales volume growth this year

TANDUAY Distillers, Inc. (TDI) is targeting to grow sales volume by 10% this year, as it plans to expand overseas distribution of its products.

TDI Chief Financial Officer Nestor C. Mendones said the company is on track to hit its 10% sales volume target for this year. It hopes to boost sales to 22 million cases this year, from 20 million cases in 2018.

“For the first quarter, (sales volume) are ahead by five percent so hopefully we could continue to do that throughout the year,” he said during a briefing at the Century Park Hotel in Manila on Saturday.

Parent company LT Group, Inc. reported TDI revenues from liquor increased during the first quarter, “on the back of a 5% growth in volume.” This helped TDI’s net income surge 73% to P234 million in the first three months of 2019.

“Realistically siguro five percent increase… We’re happy with that, although we are trying to be aggressive by targeting 10% increase this year,” Mr. Mendones said.

TDI has seen lackluster second-quarter sales, as inventory from dealers is still high. But Mr. Mendones is optimistic sales will pick up in the third quarter, as sales typically peak during the first and third quarters.

However, TDI may face some headwinds as the incoming Congress is expected to restart discussions on a proposed hike in excise taxes on alcohol products.

Mr. Mendones said the higher excise tax would be “very detrimental” to local industry.

“What could possibly happen when excise taxes become extraordinarily high would be to encourage more the influx of foreign brands which can really shoulder these amounts of taxes because of their higher selling prices,” he said.

TDI Chief Marketing Officer Paul Lim said Tanduay distribution will be expanding to Singapore next month.

“Pina-priority namin kung saan muna maraming mga Pinoy. Kasi ’yung mga Pinoy ’yan ’yung mga tutulong sa’tin eh, we’re very proud of the Philippine product (We are prioritizing places where there are a lot of Filipinos. Because Filipinos, they’re the ones who will help us, we’re very proud of the Philippine product.),” Mr. Lim said.

TDI is also looking to further expand Tanduay distribution in the United States, Guam and five countries in Europe.

At the same time, TDI said global spirits market think tank Drinks International named Tanduay as the world’s number one rum for the second straight year.

“The two horse-race between Bacardi and Tanduay seems to be a thing of the past, with the latter boasting an additional 3 million cases in 2019,” Drinks International was quoted as saying by TDI in a statement.

Tanduay’s market share in the Philippines rose to 27% in 2018, from 25% in 2017. — Katrina T. Mina

Yields on gov’t debt drop

By Mark T. Amoguis
Senior Researcher

YIELDS ON government securities (GS) edged lower as they continued to track US Treasuries’ decline due to a possible Federal Reserve rate cut within the year.

GS yields, which move opposite to prices, dropped by a week-on-week average of 17.3 basis points, the PHP Bloomberg Valuation Service Reference Rates as of June 14 published on the Philippine Dealing System’s Web site showed.

Nicholas Antonio T. Mapa, senior economist at ING Bank NV-Manila Branch, said the local bond market continued to take its cue from the movement of the US Treasuries, which have been edging lower due to expectations that the US Federal Reserve will cut policy rates this year.

“Economic data out from the US bolstered the chances for a Fed cut, pushing Treasuries lower and dragging global bonds with them,” Mr. Mapa said in an e-mail interview on Friday.

“Reports that the BTr (Bureau of the Treasury) would be borrowing less in 3Q also pushed the rally further, although some profit-taking began to take place to close the week,” he added.

“Market expectations of a possible cut in fed funds rate this year have also supported the recent easing of most local interest rate benchmarks, especially short-term tenors,” Michael L. Ricafort, economist at Rizal Commercial Banking Corp. (RCBC), said in a separate e-mail.

Last week, Reuters reported that US inflation in May went up by 0.1% from 0.3% in April. Core inflation for that month increased by 0.1% for the fourth consecutive month.

In a separate Reuters report, initial claims for state unemployment benefits rose by 3,000 to a seasonally adjusted 222,000 for the week ended June 8 against a market consensus of a decreasing trend to 216,000.

These developments could bolster the case for the Fed to trim interest rates this year. Yields on two-year debt, which are a proxy for market expectations of rate moves, dropped the most across maturities, and were last down by 2.1 bps to 1.868%, Reuters said.

On the local front, National Treasurer Rosalia V. De Leon said last week that borrowings in the third quarter will likely be lower than the P315-billion program during the April to June period amid slow government spending seen earlier this year.

Ms. De Leon said the government has more than enough cash to finance the “sustained” higher spending for the next quarter or so.

At the close of the trading last Friday, bond yields on almost all benchmark tenors dropped except for the 10-year bond, which increased by 3.1 bps to 5.248%.

The three-month, six-month, and one-year debt were down by 40 bps, 41.0 bps, and 24.4 bps, respectively, to fetch 4.642%, 4.935%, and 5.213%.

The two-, three-, four-, five-, and seven-year Treasury bonds also declined by 17.2 bps, 13.9 bps, 10.9 bps, 8.3 bps, and 4.2 bps, respectively, to yield 5.099%, 5.119%, 5.140%, 5.163%, and 5.211%.

Yields on 20- and 25-year notes likewise dipped by 11.4 bps and 22.4 bps, respectively, to 5.378% and 5.509%.

For this week, economists said the market may take cues from the policy meetings of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board (MB) and the Fed’s Federal Open Market Committee (FOMC).

“BTr’s canceled T-bond auction may entice some more action, although most dealers will likely look for clues to the BSP’s decision, with the market split on whether the BSP will cut or stay,” ING’s Mr. Mapa said.

“Philippine local interest rate benchmarks (PHP BVAL yields) could continue their recent downward trend in the coming week especially if there would be another cut in local policy rates on June 20, 2019 and if benchmark bond yields in the US and in other developed countries continue to ease as well and if global oil prices remained relatively low (at four-month lows recently) that could help further ease inflation,” RCBC’s Mr. Ricafort said.

Inflation stood at 3.2% last month from 3% in April but lower than the 4.6% last year, bucking the six consecutive month of slowing down. This brought the year-to-date average to 3.6%, still within the 2-4% target range of the BSP but above the 2.9% full-year forecast.

Currently, policy rates are in the 4-5% range after the MB slashed benchmark interest rates by 25 bps in May. The move partially dialed back a cumulative 175-bp hike to benchmark rates last year as the central bank tempered increasing inflation expectations after inflation surged to 6.7% in September and October last year.

Meanwhile, in a notice posted on its website, the BTr said it canceled the auction of seven-year bonds scheduled on June 26.

Brazil lifts suspension of beef exports to China

SAO PAULO — Brazil’s government said on Thursday it has lifted a suspension of beef exports to China after dealing with an atypical case of mad cow disease, sending shares of Marfrig Global Foods, Minerva SA and other Brazilian meatpackers soaring.

The suspension had been in effect since June 3 after a case was reported in a 17-year-old cow in the state of Mato Grosso. Cases can arise spontaneously in cattle herds, usually in animals 8 years old or older.

Tereza Cristina Dias, the agriculture minister, said on her Twitter account that Brazil would resume issuance of international health certificates to allow for beef exports to China.

Marfrig, whose shares jumped 5% after the announcement of the end of the suspension, said in a securities filing that the government’s issuance of these certificates had been normalized on Thursday.

Shares of rival Minerva also rose 3% in São Paulo.

China is the only country among Brazilian importers that enforces a health protocol requiring suspension of beef imports when an atypical case of mad cow disease is reported, Brazil’s agriculture ministry said in a statement.

The ministry reiterated the Brazilian government’s intention to negotiate a new health protocol with Chinese authorities to address the issue. — Reuters

All-new Subaru Forester wins Grand Prix Award

TOKYO — Subaru Corporation announced recently that the all-new Forester won the Grand Prix Award for earning the highest score (five stars) in the Japan New Car Assessment Program (JNCAP) collision safety performance assessment conducted by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) and the National Agency for Automotive Safety and Victim’s Aid (NASVA).

The Forester has also received Advanced Safety Vehicle Triple Plus (ASV +++) rating, the highest rating in the 2018-2019 JNCAP preventive safety performance assessment.

The 2018-2019 Grand Prix Award in JNCAP collision safety performance assessment marks the second winning of the award for Subaru following the Grand Prix Award for the Impreza and the XV in the 2016-2017 assessment. Winning these safety awards reflects Subaru’s commitment to its all-around safety principle.

The new Forester employs the Subaru Global Platform, a new common architecture used in Subaru vehicles, and enhances passenger protection with improved energy absorption compared to previous generation of the model. Combined with the optimized body structure and proper layout of high-tensile steels, the Forester improved passenger protection for frontal, side and rear-end impacts with minimal weight increase.

The Forester also employs pedestrian protection air bag as standard equipment. A pressure sensor inside the front bumper determines whether the vehicle has collided with a pedestrian, and the air bag covers the wipers and the bottom of the front pillars right after the collision is detected to reduce the impact on the pedestrian’s head.

Subaru will continue to enhance its primary, active, passive, and pre-crash safety technologies under its “all-around safety” principle, which underpins enjoyment and peace of mind for all drivers and passengers, and target to eliminate traffic accident deaths by 2030.

Fashion for the future: London students present sustainable designs

LONDON — Clothes grown from slime mould and tupperware handbags were among the environmentally friendly designs and ideas presented by fashion graduates at a London arts school.

The Royal College of Art held its annual fashion show early this month, in which students in womenswear, menswear, knitwear, footwear, accessories and millinery unveiled their creations.

This year, the All At Once show looked at the fashion industry’s impact on the environment at a time when many designer houses are seeking to improve their green credentials to appeal to increasingly environmentally conscious consumers.

“Fashion and sustainability have to now be one. You have to be thinking in different ways,” student Andrew Bell told Reuters at a preview.

“Fashion has been doing the same thing for so long, we’ve created the same black top and the same black jeans and we’re constantly calling them new… there’s actually nothing new about these items.”

Bell uses ultrasonic welding to make clothes that fold completely flat, like coats with non-fray linings. His garments are “mono-material,” meaning they can be recycled more easily.

That is something Margot Vaaderpass is also looking at when making tops, coats, trousers and skirts using pineapple leather, biodegradable buttons, and knitted tailoring.

“That’s one of things that I have taken up as a challenge — how can we create a suit that’s knitted,” Vaaderpass said. “The advantage of that is that we can shape the garment, that means that we can produce less waste.”

Piero D’Angelo hopes fashionistas can one day grow their own garments with slime mould. The living organism is applied on pre-designed patterns, and can grow up to one centimeter (0.39 inch) per hour.

“We designed a 3D printed prototype… Once we apply the slime mould it will just grow, spread all over, connecting each of those holes,” he said.

“I am fascinated by the idea of growing garments and working with different materials, like living materials but also pushing further the idea of fashion.”

Clara Chu has turned her attention to kitchenware as accessories. One of her handbags is made from ice cube trays, while another has a water-bottle lock as a clasp.

“Each handbag consists of recognizable everyday mundane objects that we find in the house, in the kitchen,” Chu said. “People don’t necessarily associate these kind of items with fashion.”

At a time of growing public awareness of waste and its impact on the planet, Anna Sophie Goschin is studying digital design and 3D manufacturing, which she says could have “huge potential” in making fashion more sustainable.

“We make a lot of garments with a categorized sizing system,” she said. “But with planning and designing digitally, we can simulate the garment before production in the 3D manner, working directly with the shape of the body.” — Reuters

Pag-IBIG gets highest opinion from CoA anew

THE Home Development Mutual Fund (Pag-IBIG) said it has secured the highest opinion from the Commission on Audit (CoA) for the seventh straight year.

In a statement, Pag-IBIG said state auditors gave it an unmodified opinion, considered the best opinion any government agency or corporation can receive from the CoA.

“The auditor rendered an unmodified opinion on the fairness of the presentation of the financial statements of HDMF for the years ended Dec. 31, 2018 and 2017,” CoA’s Social Security Services and Housing Cluster Officer-in-Charge Ma. Lisa P. Inguillo was quoted as saying in a June letter to Pag-IBIG.

Pag-IBIG said it secured the CoA’s unqualified opinions on its financial statements from 2012 to 2017, and an unmodified opinion for 2018.

It noted that CoA uses both unqualified opinion and modified opinion to mean that the financial statements presented are in accordance with applicable financial reporting frameworks in all material respects.

“For the seventh consecutive year, CoA has granted on Pag-IBIG Fund its highest opinion on our financial statements. This milestone is yet another proof that Pag-IBIG Fund is working hard to serve members while maintaining the integrity and sustainability of the Filipino workers’ fund which is in line with President Rodrigo R. Duterte’s directive for all government offices to maintain a corrupt-free operation in serving the people,” Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees, was quoted as saying.

Pag-IBIG reported a record net income of P33.17 billion in 2018, 9.6% up from P30.27 billion in 2017.

Housing loan takeout increased by 16% to P75.3 billion in 2018, benefiting 90,375 members. Short-term loans in 2018 rose 9% to P49.23 billion which benefited 2.43 million members. Members’ savings collections jumped 11% to P40.27 billion last year. — R.J.N.Ignacio

BMW 7 Series plug-in EV to make PHL debut in July or Aug.

By Kap Maceda Aguila

ON THE SIDELINES of the recent launch of the all-new versions of BMW’s Z4 and 3 Series, this writer had an exclusive interview with BMW Group Asia Managing Director Christopher Wehner. The executive had mentioned in a speech that the Munich-headquartered car maker was poised to systematically launch a total of 25 electrified vehicles by Year 2025.

Asked by “Velocity” whether these specific models would eventually make their way to the Philippines, Mr. Wehner replied: “I hope that you will see all of these 25 models but, of course, it depends on the customers in the Philippines if they want electrified cars or not. We deliver what the customers want.” The executive revealed that half of the models will be comprised of plug-in hybrids, the other full EVs.

He remained bullish about the local market, saying, “We see a lot of pros for BMW Philippines in the premium market (including) a strong trend towards SAVs (sport activity vehicles, the company’s term for SUVs). Our X model range is perfect for that from X1 to X7. This is why we presently see high demand for the X5 and X7.”

The BMW 7 Series PHEV

How soon can Filipinos see the first electrified BMW? “July or August,” replied Mr. Wehner. “The first electrified vehicle that we’ll bring here is the 7 Series plug-in hybrid. This is our newest plug-in hybrid, and a good alternative for our customers.”

While expressing hope for escalating electrified vehicle demand in the future, he conceded that this “depends heavily on taxation benefits for the customer, and available infrastructure.”

And even as the company is facing an electrified future, BMW “will still offer all the technologies — pure combustion engines, plug-in hybrids, and fully electric vehicles. We will see all these three technologies over the year 2030,” maintained Mr. Wehner.

Again, there’s no hard stop for the ICE (internal combustion engine) yet. “The customer decides what he or she wants to buy, (and) we will offer that,” he concluded.

Using infrared rays for rejuvenation

IMAGINE the rays of the sun, which give life to all things on earth, being harnessed in a machine that heals your body. That’s the promise of Vital Dome, an infra-therapy ecosystem machine.

Vital Dome was founded in France by Alexandra Gavsevitch and Eric Fauchon, and was brought to the Philippines just this year by Katherine Alejar. Ms. Alejar is the sole distributor of Vital Dome in the country, but while she offers the infra-therapy sessions at a clinic in Centuria Medical Makati, her aim is to sell her machines to clinics and aesthetic centers around the country.

The machine envelops a patient in a dome fitted with carbon panels that emit far infrared, akin to the safer, healthier levels of sunlight. There’s no risk of radiation poisoning here, Ms. Alejar iterates.

“We have clinical studies which prove that 82% of those who experienced Vital Dome’s Infra-therapy system feel more relaxed while 77% achieved a slimmer silhouette. Almost 70% noticed how their skin got firmer and almost 80% proved they attained lighter legs, improved sleeping pattern and an enhanced overall well-being,” said Ms. Alejar. What it is supposed to do, basically, is heat up your body to sweat out toxins, while at the same time, the rays penetrate the body and revitalize the organs. It promotes cell rejuvenation and cell repair. It’s akin, according to Ms. Alejar, to getting a tune-up for your car.

“We’re not saying it’s a [cure-all]. It will help with maintenance,” she said. It could be used as a complementary treatment for people suffering from diabetes and cancer, according to her, and most people can hop in. The only restrictions are pregnant women and people who have consumed large amounts of alcohol beforehand.

Ms. Alejar herself looks much younger than her age of 40. She hops into the machine three to four times a week, with each session lasting about 40 minutes. “I want to be living proof of what I sell.” — JLG

Philex targets environmental compliance certificate for Silangan mine by Q3

PHILEX Mining Corp. is aiming to secure its environmental compliance certificate (ECC) for the Silangan mine project by the third quarter.

“We’re trying to work for the ECC approval in two to three months… by third quarter,” Philex Mining Chief Executive Officer Eulalio B. Austin, Jr. told reporters after the Philippine Mining Club’s 50th Luncheon held in Makati City.

“Because it’s a new project we have to revise the ECC, but what’s important there is the public hearing and the endorsements of the people,” he added.

Philex Mining has been working with regulatory bodies to facilitate its compliance with all permitting requirements for the Silangan project.

The Silangan mine in Surigao del Norte has three deposit areas, Boyongan, Bayugo, and Kalayaan, with the latter a joint venture with Manila Mining Corp. This might be Philex Mining’s biggest source of revenue after its 61-year-old Padcal mine in Tuba, Benguet will be closing in 2022.

The operation for Silangan was originally set to begin in 2018, but has been moved to 2022 due to the ban on new open-pit mining introduced in 2017.

This has prompted Philex Mining to look at a new design that would shift its method to underground mining.

Mr. Austin said the company has so far spent about P16 to P17 billion for exploration in the mining site.

Philex Mining is one of the three local units of Hong Kong-based First Pacific Co. Ltd., the two other being PLDT, Inc. and Metro Pacific Investments Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which is controls. — Vincent Mariel P. Galang

Peso seen steady as mart awaits Fed, BSP reviews

THE PESO is expected to be broadly steady this week ahead of the policy meetings of the local and US central banks and as global crude oil prices stay within four-month lows despite growing tensions in the Middle East.

On Friday, the local currency weakened to close the week at P52.02 against the greenback from the previous day’s finish of P51.865 per dollar due to tensions between the United States and Iran.

Week-on-week, the peso was slightly stronger than its P52.04-per-dollar finish on June 7.

Michael L. Ricafort, economist at Rizal Commercial Banking Corp. (RCBC) said in a text message that the peso will likely “remain relatively stable in the coming week…as global crude oil prices lingered among four-month lows despite attacks on two tankers in the Gulf of Oman earlier last week.”

Escalating tension in the Middle East is driving up oil prices, a huge import cost for many economies, putting more strain on global growth already hurt by the trade war being waged by US President Donald Trump and weakening consumer confidence.

Crude oil prices spiked more than 4% after two oil tankers were attacked in the Gulf of Oman on Thursday, just a month after strikes on tankers in the United Arab Emirates and oil-pumping stations in Saudi Arabia.

Mr. Ricafort said the recent decline in US Treasury yields will also continue to support the peso.

“Market expectations recently about possible cut in US key short-term interest rates (fed fund rates) in 2019 have also supported the peso. The markets are also anticipating the upcoming local monetary policy-setting meeting on Thursday,” Mr. Ricafort added.

The US Federal Reserve’s Federal Open Market Committee’s policy meeting is scheduled on June 18-19. The Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board will also hold its own review on June 20.

Another trader said in an email that dovish cues from the Fed and BSP may also lend some strength to the peso.

“The dollar is expected to move with a downward bias this week as the US Federal Reserve might provide more concrete hints of a possible rate cut this year amid signs of slowing growth and muted inflation. The greenback’s downtrend, however, might be tempered by similar dovish cues from the BSP,” the trader said.

The trader said in the first three days of the week, the dollar may move sideways ahead of the Fed’s and Bank of Japan’s policy meetings.

Meanwhile, the peso could gain strength versus the greenback toward the end of the week as the US central bank wraps up its policy-setting meeting as the market expects “a U-turn” in its stance. — RJNI

Trump trade blows fail to slow Mexican demand for US wheat

MEXICO CITY — Mexican bread and flour tortilla makers will likely use significantly more wheat sourced from the United States this year despite growing unease with President Donald Trump, according to Mexico’s main wheat chamber.

Wheat shipments to Mexico from Russia are also expected to repeat last year’s big jump in volume, while Argentine wheat is seen gaining a new foothold as the Mexican industry continues to diversify its suppliers.

Mexico relies on wheat imports to supply about two-thirds of domestic demand.

Overall, Mexican wheat imports will “very likely” be between 5.1 and 5.2 million tonnes, up from 4.9 million tonnes in 2018, boosted by a 4 percent jump in domestic demand, said Jose Luis Fuente, head of the CANIMOLT wheat chamber.

The big jump in US wheat imports, forecast by the chamber to reach between 3.5 million and 4 million tonnes this year, or as much 40 percent higher than last year, is noteworthy given Trump’s threat to slap tariffs on all Mexican exports and the possibility of Mexican retaliation.

Trump suspended the threat last week after reaching a deal with the Mexican government to curb the flow across the border of migrants, mostly from Central America. He has since revived the tariff threat if Mexico cannot meet his demands.

Fuente said US suppliers are more convenient and that opposition to Trump does not play a major role in the industry’s calculations.

“I’d love to send him a message that we’re not going to buy more American wheat, but that’s not viable,” Fuente told Reuters in an interview on Wednesday.

Still, he said he expects more US wheat this year because it is logistically more attractive, especially when moved by train, as well as due to the quality and price stability traditionally associated with American supplies.

Last year, US wheat imports totaled 2.8 million tonnes, down nearly 20% from 2017, central bank data show.

For years, Mexico has been American wheat farmers’ top export market.

“We have to learn to live with (Trump’s) threats,” said Fuente, adding that he expects them to continue, calling the US president intolerant and likening him to a “spoiled child.”

CANIMOLT, which represents around 80 percent of Mexican millers, held talks with representatives of the US Wheat Associates, a major export group, at the Mexican beach resort of Cancun in the days after Trump’s tariff threat on May 30.

“The Americans arrived very worried about the tweet from President Trump,” said Fuente, noting that both sides pledged to lobby their governments to defuse the spat. “We’re in the business of trade and we have to focus on that.”

While he emphasized that weather in the United States and elsewhere could scramble the forecasts, Fuente said wheat imports from Russia, which last year overtook Canada to become Mexico’s second biggest foreign supplier, is likely to reach around 1 million tonnes this year, similar to 2018 shipments.

Last year, the Black Sea suppliers, including those from Ukraine, increased wheat exports to Mexico nearly three-fold compared to 2017.

Argentine wheat farmers, meanwhile, are seen selling around 100,000 tonnes to Mexican buyers this year, Fuente said, up from a 33,000 tonne cargo delivered in 2017.

Fuente attended a wheat conference last week in Argentina, and said he may return for more talks in November. He is also considering a separate trip to meet Russian and Ukrainian exporters later this year. — Reuters

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