PHL Rice Inventories Down 12.3% In June

The country’s rice stocks fell 12.3% to 2.22 million metric tons (Mt) as of June from 2.53 million tons last year, according to the Philippine Statistics Authority (PSA).

“Compared to May 2022 stock levels of 2,279.96 thousand metric tons, current rice stocks are down -2.6 percent,” PSA said in its monthly rice and corn inventory report released Wednesday.

The agency reported that about 47.3 percent, or about 1.049 million tons of rice, was stored in households, and 44.8 percent, or 995,230 metric tons (metric tons (MT)), was stored in commercial organizations (warehouses, wholesalers and retailers).

He added that stocks of rice in the warehouses of the National Food Administration (NFA) as of June 1 reached 175,490 tons, accounting for 7.9 percent of the total stocks for the reporting period.

“Rice stocks in all industries have decreased compared to their levels in the previous year. Household inventories fell -7.3 percent, commercial warehouses/wholesalers/retailers -15.2 percent, and NFA vaults -22.0 percent.

“Compared to the levels of rice inventories in the previous month, households registered a decrease of -15.4%. However, stocks at commercial warehouses/wholesale/retailers and NFA vaults increased by 13.0% and 10.5%, respectively.”

In the same report, PSA says total corn inventories as of June 1 fell 9.2% to 873,480 tons from 962,070 tons last year. However, the PSA added that the latest estimate for total corn stocks was 12 percent higher than the 779,790 tons recorded in May.

“Total maize inventories for the month were 8.3 percent from households and 91.7 percent from commercial warehouses/wholesalers/retailers,” it said.

PSA data showed that commercial corn inventories reached 801,060 tons and household corn inventories stood at 72,420 tons.

Household and commercial warehouse/wholesalers/retailers corn inventories decreased by -48.0% and -2.7%, respectively, compared to their June 2021 corn inventory levels.

“On a monthly basis, commercial/wholesale/retail corn inventories rose 19.1 percent, while household inventories fell -32.5 percent.”

In May, the PSA reported that the country’s January-March coarse rice production fell 1.9% year-on-year to 4,541 million tons, while corn production fell to 2,441 million tons from 2,445 million tons last year.

PSA data showed that the value of crop production in the first quarter fell by 1.65 percent to 243.651 billion pesos from 247.736 billion pesos last year.

Image credits: bloomberg