PHILIPPINES SEEKS MORE RICE IMPORTS
Needing a greater supply of rice amid stubbornly high prices, the Philippines, which relies on imports to meet demand, has given private traders about a month to buy an additional 1 million tonnes or risk losing permits, Reuters reported. The additional imports, which mainly are sourced from Vietnam and some from Thailand, should boost domestic supply until the next harvest in March, the agriculture ministry said. Laurel also met with governors of the top 10 rice-producing provinces on Nov. 17, in an effort to boost supply, reduce imports and lower prices for the national food staple. The 10 provinces account for 48% of the country’s total rice production.
Unmilled rice output this year was expected to reach more than 20 million tonnes, above the previous year’s 19.76 million tonnes, the agriculture ministry said. FAS anticipates the Philippines will import 3.5 million tonnes of rice in marketing year 2023-24. Consumption is seen at 16.4 million tonnes with ending stocks of 3.1 million tonnes. Rice price inflation in the Philippines has slowed in October from the previous month, helping cool inflation to 4.9% last month from 6.1% in September, but the pace of price increases remains outside the central bank’s 2% to 4% target range.
(Link: WorldGrain)
US CORN HARVEST NEARING COMPLETION
The US corn harvest is nearly complete and winter wheat conditions are improved, according to the US Department of Agriculture’s Crop Progress report released on Nov. 20. Harvest is 93% complete in the 18 states. Kansas, Texas and North Carolina have completed their corn harvests. Winter wheat is 95% planted and 87% emerged. That compares with 98% planted and 86% emerged at the same time last year. Wheat condition improved with 48% rated good/excellent, up 1% from the previous week and up 16% from last year.
(Link: WorldGrain)
