PHILIPPINES WANTS TO BOOST RICE COOPERATION WITH VIETNAM TO ENSURE FOOD SECURITY
The Philippines wants to boost cooperation on rice with Vietnam to ensure its food security, Philippine Agriculture Secretary Francisco Tiu Laurel said during a visit to Vietnam over the weekend. Vietnam’s exports to the Philippines accounted for 45.4% of its total rice shipments in the first five months of this year. Laurel also said he wanted Vietnamese rice companies to consider investing in the Philippines, the statement said. Vietnam and the Philippines sealed agreements covering rice trade and agriculture cooperation during a state visit to Hanoi by President Ferdinand Marcos Jr. in January. To manage inflation pressures, the Philippines has recently lowered its tariff on rice to 15% from 35%.
(Link: Reuters)
US WHEAT, CORN, SOYBEAN STOCKS UP FROM 2023
USDA on June 28 said domestic stocks of wheat, corn and soybeans on June 1 were up more than 20% from a year earlier. Estimated June 1 old-crop all wheat stocks, which comprise the 2024 carryover, at 702 million bushels, up 23% from June 1, 2023, including 139 million bushels on farms, up 12%, and 563 million bushels off farms, up 27%. March-May indicated disappearance of wheat was 387 million bushels, up 4% from the same period last year. Durum wheat stocks in the June 28 report were 21.1 million bushels, down 24% from a year ago, including 9.99 million bushels on farms, down 22%, and 11.1 million bushels off farms, down 26%. March-May disappearance of durum was indicated at 15.3 million bushels, up 90% from the same period in 2023.
Corn stocks in all positions on June 1 were estimated at 4.993 billion bushels, up 22% from a year earlier, including 3.026 billion on farms, up 37%, and 1.967 billion off farms, up 4%. Indicated disappearance of corn during the March-May period was 3.36 billion bushels, down 2% compared with 3.29 billion bushels during the same period on 2023. Soybean stocks on June 1 were estimated at 970 million bushels, up 22% from June 1, 2023, including 466 million bushels on farms, up 44%, and 504 million bushels off farms, up 6%. March-May soybean disappearance was indicated at 875 million bushels, down 2% from the same period a year earlier.
(Link: WorldGrain)
