Rice stocks good for 87 days

MANILA, Philippines - Domestic rice stock inventory remains sufficient for 87 days as of November, the Philippine Statistics Authority (PSA reported).

The country’s rice stockpile remained high during the period as most farmers were able to harvest early during the last cropping cycle of the year.

Expecting an occurrence of a prolonged dry spell to occur during the last quarter of the year, most farmers advanced the last cropping for 2014.

Before the onslaught of Typhoon Ruby early this month, farmers already had matured crops, most of which were harvested before the typhoon’s landfall.

In its latest Rice and Corn Stocks Inventory, the PSA said the country’s total rice stock inventory of 2.95 million metric tons (MT) in November was 63.6 percent higher than the previous month’s inventory of 1.81 million MT. The present inventory was 21.1 percent higher than the inventory of 2.44 million MT in November 2013.

Around 54.8 percent of the November rice stock inventory were held in households, 30.6 percent were held in commercial warehouses and 14.6 percent were held in depositories of the National Food Authority (NFA).

Stocks held in households would be sufficient for 47 days, those held in commercial warehouses would be sufficient for 27 days and those held in NFA depositories for 13 days.

Month-on-month rice stocks held in households and in commercial warehouses rose 94.1 percent and 73 percent, respectively. Rice stock levels in NFA depositories, on the other hand, fell by four percent.

Rice stock levels in all sectors rose year-on-year. Stocks held in households and in commercial warehouses rose 11.8 percent and 41.8 percent, respectively. Rice stocks in NFA depositories rose 21.9 percent.

Palay (unhusked rice) prices have risen slightly during the first to second week of December after months of steady decline.

The average farmgate price of palay rose to P19.18 per kilogram during the Dec. 3 to 9 monitoring period, up 0.22 percent week-on-week and by 6.10 percent year-on-year.

Edilberto de Luna, Agriculture assistant secretary and National Rice and Corn Progra coordinator, said palay prices may hit a low of P18 per kilogram by the end of the year as it is now the peak of harvest season.

“But it is still a good price,” he said, noting that the projected price by yearend is still above the buying price of P17 per kilogram by the NFA.

The country’s total corn stock inventory as of November, meanwhile, was placed at 239,500 MT, down 41.3 percent month-on-month, but 30.8 percent higher than last year’s inventory.

Around 53.8 percent of this month’s total corn stock inventory were with commercial warehouses, while 45.5 percent were with households and 0.7 percent were with NFA depositories.

The average farmgate price of yellow and white corn grains fell slightly during the first to second week of December.

The average farmgate price of yellow corngrain at P12.51 per kilogram was down 0.24 percent week-on-week, but was up 5.48 percent year-on-year.

Farmgate prices of white corn grain, meanwhile was placed at P12.60 per kilogram during the monitoring period. This was down by 3.23 percent week-on-week, and 16.37 percent year-on-year.

De Luna said farmgate prices of corn prices may settle at an average of P13 per kilogram at the end of the year.