The global output of milled rice for crop year July 2015 to June 2016 has been pared down further, dropping to a five-year low of 469.3 million tons due in part to depressed prospects in the Philippines.
According to a report from the United States Department of Agriculture (USDA), the forecast was reduced by 4.2 million tons, also on lowered expectations for Australia, India and Madagascar.
“Rice production in the Philippines is lowered [by] 250,000 tons to 11.25 million tons—due mostly to government reports of more extensive flooding and wind damage from recent cyclones,” the USDA’s Economic Research Service (ERS) said in its monthly update.
“Total rice production in the Philippines is estimated to be 6 percent smaller than a year earlier and the smallest crop since (crop year) 2011/2012,” the ERS said.
“The 2015/2016 Philippines’ area estimate was lowered 150,000 hectares to 4.35 million, down 7.5 percent from a year earlier,” the agency said. “In contrast, the average yield is projected to be the highest on record.”
In a separate report, the Philippine Statistics Authority (PSA) said the country’s stock of milled rice surged to 3.11 million tons as of Nov. 1 following the year’s main harvest season.
According to the PSA, the national inventory—which increased by 41 percent or 910,000 tons over the previous month—was good for 91 days’ consumption.
Data from the PSA showed the National Food Authority’s stock decreased by 40,000 tons to settle at 710,000 tons. The NFA stock was good for 21 days’ consumption, still above its minimum mandated volume of 15 days’ supply.