Rice stocks down 1% in September

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Metro Manila (CNN Philippines, October 21) — The Philippine Statistics Authority (PSA) reported that the country’s rice inventory declined by 1% in September 2020 from its level in the same period last year.

According to the agency’s latest inventory report, the country’s rice stocks totaled 1.823 million metric tons (MT) from 1.842 million MT in September 2019.

The stocks were enough for 56 days based on the country’s 32,000 MT average daily rice consumption.

Most of the inventory was in households, which accounted for 46.5%, followed by commercial warehouses with 42.9%, and National Food Authority depositories with 10.6%.

Compared to the previous year, both stocks in households and commercial warehouses grew 26% and 3%, while level in NFA dropped 53%.

Meanwhile, palay (rice paddy) production is seen to increase 16% to 3.542 million MT in the third quarter of 2020 from 3.051 million MT in the same period last year, the PSA said in a separate report.

This is backed by higher harvest area that increased by 15.7% from 742,870 hectares last year, and higher yield per hectare that was up 4.12 MT from 4.11 MT in the same period last year.

In terms of prices, PSA has been reporting a downtrend for six weeks now. Average price as of the fourth week of September is at P16.26 per kilo, down 3.4% from the previous week, but was up 2.8% from P15.82 per kilo recorded in the same period last year.

Price of well milled is also on a downward trend for weeks. Average wholesale and retail price of well milled rice are P38.18 per kilo, down 0.03% from last year, and P42 per kilo, down 0.1% from last year.

As for regular milled variant, wholesale price was at P34.72 per kilo, up 1% from previous year, while retail price was P37.68 per kilo, up 0.1% from same period last year.