Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Philippines seeks two-month halt on rice imports to support prices

Published 10/06/2020, 04:11 PM
Updated 10/06/2020, 04:20 PM
© Reuters.

MANILA, Oct 6 (Reuters) - The Philippines' Department of
Agriculture on Tuesday asked local importers to stop importing
rice between October and November to support domestic prices
during the country's main wet-season harvest.
The world's biggest rice importer, which buys mainly from
neighbouring Vietnam, is now expected to purchase around 2.3
million tonnes of its staple food this year, Agriculture
Secretary William Dar told reporters.
The Philippines' rice purchases last year were estimated at
a record-high 2.9 million tonnes after it lifted a
two-decade-old restriction on the size of imports.
The government expects year-end rice stockpiles to be the
biggest in 10 years. Dar said almost 2 million tonnes of rice imports had arrived
this year and about 300,000 tonnes more may be shipped in before
year end.
The domestic rice harvest in the second half will be
"substantial", he said, with the main harvest expected between
June and November.
To support prices amid rising domestic stockpiles and the
influx of imports, the government is also now "massively" buying
unmilled rice from local farmers for buffer stocking, Dar said.
The Philippines' rice inventory is closely monitored by rice
producers and traders in Vietnam and other top exporters such as
Thailand and India.
Asia's rice export prices eased last week in most hubs on
lacklustre demand, with fresh supplies expected to be a further
drag. Activity in the export market was muted with the absence
of buyers from the Philippines, according to
traders.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.