Palay prices continue to drop at farmgate despite El Niño losses
RICE prices continued to decline at farmgate level, the Philippine Statistics Authority (PSA) said, despite mounting losses to domestic production caused by El Niño, ahead of the entry into the market of more foreign rice imported by the private sector.
The average farmgate price of palay, or unmilled rice, dropped for a fourth consecutive week to P18.98 per kilogram (kg) in the third week of March, down 0.26% week-on-week, according to PSA data released on Monday.
The average wholesale price of well-milled rice fell 0.37% week-on-week to P40.66 per kg.
At retail, the average price of well-milled rice fell 0.20% week-on-week to P44.33 per kg.
The average wholesale price of regular-milled rice fell 0.35% week-on-week to P37.18 per kg, while the average retail price fell 0.25% to P40.30.
The average farmgate price of yellow corn grain fell 0.07% week-on-week to P13.83 per kg.
At wholesale, the average price of yellow corn grain rose 0.27% week-on-week to P18.50 per kg. The average retail price rose 0.04% to P24.
The average farmgate price of white corn grain rose 1.14% week-on-week to P15.13 per kg. The average wholesale price rose 2.36% to P22.16.
The average retail price of white corn grain rose 0.70% week-on-week to P28.72 per kg. — Reicelene Joy N. Ignacio
