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Farm-gate price of rice continues to decline

Nov 14 2017

November 13, 2017 ( by Business Mirror )

 

The average farm-gate price of unmilled rice fell for the seventh consecutive week in October, settling at P18.55 per kilogram (kg), according to the latest data from the Philippine Statistics Authority (PSA).

As of the fourth week of October, data from the PSA showed that the farm-gate price of unmilled rice declined by nearly 0.26 percent, from the previous week’s P18.60 per kg. Harvesting of
wet-season rice crop usually kicks off in September.

On a yearly basis, the farm-gate price was 8.4 percent higher than the P17.11 per kg recorded in the fourth week of October 2016, according to the PSA’s report, titled “Updates on Palay Price and Corn Prices.”

Data from the PSA also showed that the average retail price of regular milled rice slid to P37.99 per kg, from previous week’s level of P38.01 per kg.

However, the figure was 2.33 percent higher than the previous year’s P37.12 per kg.

“The average wholesale price of P35.58 per kg slid by 0.04 percent from last week’s report, but rose by 3.91 percent from last year’s record,” the report read.

Increments were also observed in both wholesale and retail prices of well-milled rice.

“The average wholesale price at P39.05 per kg inched up by 0.07 percent from last week’s posting. Relative to last year’s report, price increased by 2.9 percent,” the PSA said.

“Retail price at P42.18 per kg posted minimal increment of 0.09 percent from last week’s record. This was up by 2  percent from last year’s quotation,” the PSA added.

Data from the PSA also showed that the average farm-gate price of yellow corn in the fourth week of October rose by 9.83 percent to P11.74 per kg, from P10.69 per kg a year ago. It was also slightly higher than the previous week’s price of P11.64 per kg.

“The average farm-gate price of white-corn grain at P15.58 per kg gained by 0.62 percent and 41.19 percent from last week’s and last year’s quotations, respectively,” the PSA said.

The country’s rice supply is expected to get a boost, as harvest has started, and imports have started arriving. As of October 6 the National Food Authority (NFA) said a total of 205,392 metric tons (MT), or 82.14 percent, of the 250,000 MT contracted by the food agency, were already delivered to various ports in the country.

The remaining volume of about 32,600 MT, or 15.44 percent, were either in transit or at laycan, while 6,008 MT have yet to be shipped from Vietnam, according
to the NFA.

“While there is a slight delay in the arrival of part of the rice imports, the NFA has enough stocks to supply the needs of relief-giving agencies, and local government units should such need arise,” NFA Administrator Jason Laureano Y. Aquino said.

As of October 25 the NFA said it has procured a total of 299,506 bags of palay as harvest began to peak in some provinces across the country. This brought to 389,282 bags of palay already procured since January nationwide, according to the NFA.

“We are optimistic that this trend will continue through the main harvest season [October to December] so that we can increase our buffer stock through local procurement as instructed by the President,” Aquino said.

The NFA buys clean and dry palay at P17 per kg, with additional incentives totaling to P0.70 to P1 per kg for delivery (P0.20 to P0.50 per kg), drying (P0.20 per kg) and cooperative incentive fee (P0.30 per kg).