Tridge summary
The USDA forecasts that the Philippines will need to import more rice and corn this year due to lower production. The rice import forecast has been raised to 3.8 million metric tons from 3.4 million MT, and corn imports are expected to reach one million MT, an increase of 300,000 MT. The extension of lower tariffs has contributed to the increased import projections. The USDA also expects a reduction in wheat imports and consumption due to higher prices and competitive corn quotes.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The Philippines may import more rice and corn this year due to lower rice production and the extension of lower tariffs, according to the United States Department of Agriculture (USDA). In a report, the USDA-Foreign Agricultural Service (FAS) raised its rice import forecast for the Philippines to 3.8 million metric tons (MT) this year from the previous target of 3.4 million MT. The higher forecast was “because of the need to cover for the production shortfall,” it said. Earlier, the Federation of Free Farmers (FFF) said the country may need to import at least three million MT of rice with a looming shortage due to low production and higher food utilization. However, the Department of Agriculture (DA) dismissed the looming rice shortage this year. In its latest report, the USDA said the Philippines’ milled rice production was expected to be lower, down to 11.975 million MT from the earlier forecast of 12.411 million MT for the year. The USDA cited damage from Super Typhoon Karding ...
Source: UkrAgroConsult
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