Palay farmgate prices rise in mid-June

FARMGATE prices for palay, or unmilled rice, rose in the second week of June to P21.23 per kilogram ( kg) with the approach of the socalled lean months, when market supply dries up between harvests, the Philippine Statistics Authority (PSA) said.

In the PSA’s Updates on Palay, Rice and Corn prices report, the average farmgate price for palay rose 0.33% from a week earlier and up 10.06% from a year earlier.

The average farmgate price for palay breached the P21 per kg mark in the third week of May, surpassing a record level set in 2015.

The buying price for palay rose from P21.02 per kg and P21.08 per kg in the last two weeks of May and P21.16 per kg in the first week of June.

Estimates for palay production for the three months to June were revised recently to 4.07 million metric tons (MT), based on the standing crop as of May 1. In April the estimate was 4.05 million MT. The average wholesale price of well-milled rice in the second week of June was P41.37 per kg, up 0.05% week-on-week and up 6.68% from a year earlier. At retail, the average price was P44.24 per kg, up 0.02% from a week earlier and 5.55% higher year-on-year.

The average price of regular milled rice rose 0.03% week-on-week and 8.43% year-on-year at wholesale level. At retail, the price rose 0.17% from the previous week and 7.18% from a year earlier.

The farmgate price for yellow corn grain was P13.90 per kg, up 0.22% week-on-week and up 22.79% from a year earlier.

The equivalent price for white corn grain was P16.17 per kg, down 2.41% from a week earlier and up 18.81% year-on-year.

The wholesale price for yellow corn grain was unchanged week-on-week at P20.07 per kg and up 11.62% from a year earlier.

Its average retail price was flat at P24.22 per kg compared with a week earlier, and rose 7.45% year-on-year.

The average wholesale price for white corn grain fell 1.16% from a week earlier to P21.38 per kg, which was 29.81% higher year-on-year.

The average retail price fell 0.56% weekon-week and 3.15% year-on-year to P30.10 per kg. —