Corn prices up as inventory slumps due to typhoons

The country’s corn inventory has fallen by more than half from its level a year ago after typhoons ravaged most of the agricultural lands in corn-producing provinces, government data showed.

After typhoon “Ompong” made landfall in September, a report from the Philippine Statistics Authority (PSA) showed national corn stocks declined in October by 58.59 percent to 566,000 metric tons (MT) from 1.36 million MT the year before.

The industry incurred around P8.17 million in crop damage from the typhoon.

Consequently, inventory from both household and commercial sectors went down by 13.25 percent and 65.20 percent, respectively.

In an interview with Philippine Maize Federation Inc. president Roger Navarro, he said feed millers as well as livestock and poultry growers were banking on the arrival of corn imports to meet the growing demand of the market.

Moreover, corn-producing provinces in Mindanao are expected to start harvesting the crop by November.

Agriculture Secretary Emmanuel Piñol has given the go-ahead to import around 200,000 MT of corn, but according to the official, no one from the private sector has expressed any interest yet.

“Corn farmers were really affected by the typhoon, but you have to understand that the feed and livestock sectors are also bearing the brunt, and we don’t want to pass it on to consumers,” Navarro said.