Philippines: Grain and Feed Update
Post concurs with the official USDA estimates for wheat. Market Year (MY) 16/17 corn production and area harvested were marginally increased consistent with July-September 2017 estimates from the Philippine Statistical Authority (PSA). Corn output in MY 17/18 was revised downward 100,000 tons to 8.2 million tons as we anticipate fewer producers will shift from rice to corn because the quantitative restriction (QR) on rice imports, which expired on June 30, 2017, still remains in effect as there has been no amendment to the Agriculture Tariffication Act (which exempts rice from tariffication). Total rice area harvested and production forecasts for MY 17/18 were raised based on PSA estimates, with imports seeing a corresponding decline.
