Inventory stocks of rice and corn were down as of February, a report of the Philippine Statistics Authority (PSA) showed.
Inventory levels influence traders’ decision on the volume of im[port which in turn, will affect local farmgate prices.
The report noted total rice stocks inventory in the country was at 1.52 million metric tons (MT), down by 17.7 percent compared with January 2023’s 1.85 million MT.
This is also lower by 5.4 percent than the 1.6 million MT recorded from a year ago in February 2022.
Majority of February 2023’s total rice stocks inventory were from households at 57.6 percent followed by 35.5 percent from commercial warehouses, wholesalers and retailers with the remaining 6.9 percent from National Food Authority’s depositories.
According to data from the Bureau of Plant Industry, a total of 1.32 million MT imported rice arrived in the Philippines as of May 4.
The Philippine Chamber of Agriculture and Food Inc. estimates the first and second quarter rice production will last until the next harvest of the wet season by August and September but said the country will still have to import “for any shortage which may be caused by the upcoming El Niño and calamities.”
PSA corn stocks inventory reached 366,400 MT as of February 1, a 10.5 percent drop from 409,490 MT the previous month.
On a year-on-year comparison, the country’s corn stocks inventory was lower by 22.5 percent from February 2022’s inventory level of 472,570 MT.
PSA added that for February 2023 total corn stocks inventory, 79.5 percent were from commercial warehouses, wholesalers and retailers with the remaining 20.5 percent from households
Based on the Department of Agriculture’s monitoring of public markets in the National Capital Region as of Friday, price range of imported rice for special variety is at P50 to P58 per kilogram (kg); premium at P43 to P52 per kg; well-milled at P40 to P46 per kg; and regular milled at P37 to P44 per kg.
Meanwhile, for local rice, special variety is at P48 to P60 per kg; premium at P42 to P49 per kg; well-milled at P39 to P46 per kg; and regular milled at P34 to P42 per kg. – Jed Macapagal
