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Philippines may import 750,000 MT of corn
MANILA, Philippines — The Philippines may import more corn to supplement some feed wheat demand, as prices of wheat have increased amid the Ukraine-Russia conflict, the United States Department of Agriculture (USDA) said.
In a report by its Foreign Agricultural Service, the USDA said it sees the Philippines importing 750,000 metric tons (MT) of corn in market year 2022 to 2023, which will start in July.
It said that this is 250,000 MT higher than the earlier projected 500,000 MT corn imports for the current market year.
“Corn is expected to supplement some feed wheat demand, while milling wheat consumption is seen slightly declining for more affordable rice,” the USDA said.
The USDA is projecting wheat imports to decline by three percent in the next market year to 6.3 million MT due to the uncertainty from the ongoing conflict in the Black Sea and the high global prices of wheat.
Similarly, wheat consumption is also expected to drop by 350,000 MT to 6.25 million MT in the next market year due to higher wheat prices, with feed demand seen to drop by 300,000 MT to 2.4 million MT.
“Factors include the ongoing Black Sea conflict and efforts by local feed millers to replace wheat with barley because of rising feed wheat prices. Uncertainty also remains in hog feed demand due to ongoing spread of African swine fever,”the USDA said.
Meanwhile, the USDA said total corn consumption is projected to reach nine million MT in the next market year, up 300,000 MT compared to the previous year due to higher feed wheat prices.
Corn food seed and industrial (FSI) consumption is expected to reach 2.1 million MT.
Similarly, feed consumption is also expected to increase to 6.9 million MT, 200,000 MT higher than the previous year, mainly due to the growth in poultry feed demand and lower feed wheat consumption.
While the Bureau of Animal Industry reported several Highly Pathogenic Avian Influenza (HPAI) outbreaks in January and February, the USDA said it does not expect this to affect broiler or layer production.
Source: https://www.philstar.com/business/2022/03/28/2170270/philippines-may-import-750000-mt-corn