Rice inventory up more than 43% at start of October amid harvest season

THE national rice inventory was estimated at 2.279 million metric tons (MMT) as of October 1, up 43.4% from a year earlier, and up 23.7% monthon-month, the Philippine Statistics Authority (PSA) said.

The estimate was contained in the PSA’s Rice and Corn Stocks Inventory report. Rice inventory levels are sufficient for about 71 days’ consumption based on a daily average assumption of 32,000 MT.

Some 46.12% of the rice inventory was held by households, 36.5% by commercial warehouses, and 17.3% by the National Food Authority (NFA).

The PSA gave no breakdown of domestically grown against imported rice.

All categories reported increases compared with a year earlier. Household inventory increased 22.5%, commercial warehouses rose 38.2%, and NFA stocks was up 207.3%.

On a month-on-month basis, rice stocks held by households increased 56.4%, those in commercial warehouses rose increased 9.6%, while NFA inventory was down 3.6%.

The high inventory levels reflect fresh rice from the harvest, which ran from September to October, as well as increased import volumes.

Corn inventory was 1.095 million MT, up 93.3% year-on-year and up 42.6% from a month earlier.

Corn held in commercial warehouses accounted for 72.1% of the total, while households held 27.9% and the NFA zero.

Compared with a year earlier, warehouses and households increased their holdings. Household inventory rose 101.5%, while commercial warehouse inventory increased 90.4%.

Month-on-month, household inventory increased 43%, while holdings of commercial warehouses rose 42.4%. —