February 13, 2009
Philippines to import more corn, wheat this year
The Philippines is seen to purchase more corn and wheat this year as the economy continues to grow, albeit slowly, according to the US Department of Agriculture.
Rice imports for marketing year (MY) 2008-09 will decline but are seen to recover in MY 2009-10 to ensure adequate buffer stocks leading to the 2010 Presidential Elections.
Due to lower prices and strong demand, wheat imports will increase considerably in MY 2008-09. Tightness in local corn supply and delays in corn importation will result in less competition from feed corn during the year, says USDA. Feed corn in MY08-09 will decline from the last year's level though corn losses are expected to surge. Overall corn consumption during MY08-09 is expected to remain flat compared to previous year's level.
For more of the USDA report, please click here
