Philippines: Grain and Feed Annual
Wheat imports are forecast to rise 650,000 tons to 5.5 million tons in market year (MY) 16/17 and increase to 5.65 million tons in MY 17/18 due to an expanding population, economic growth and low prices. U.S. wheat is expected to comprise roughly half of total wheat imports through MY 17/18. For corn, production is expected to increase 210,000 tons to 8.1 million tons in MY 16/17 due to improved weather conditions, and rise to 8.3 million tons in MY 17/18 on rice producers shifting to corn because of anticipated price declines for rice as a result of changes to trade policy. Corn imports are projected to decline through MY 17/18 due to increasing output during the next two years. No significant change to U.S. corn sales is likely during the period. For rice, production is expected to increase 1.064 million tons to 18.5 million tons paddy as more favorable growing conditions prevail in MY 16/17, and then decline to below 18 million tons in MY 17/18 due to general price uncertainty over the expiration of quantitative restrictions (QR) on rice on June 30, 2017. Post forecasts rice imports in MY 17/18 rising to roughly two million tons due to the decline in local production as a result of the expiration of the QR and to replenish stocks.
