Palay farmgate prices slightly higher in late December

THE average farmgate price of palay, or unmilled rice, rose 0.1% week-on-week in the third week of December to P15.66 per kilogram (kg), the Philippine Statistics Authority (PSA) said.

According to PSA’s weekly palay and corn price update, the average wholesale price of well-milled rice rose 0.1%, week-on-week to P37.22 per kg, while retail prices rose 0.1% to P41.51.

The average wholesale price of regular-milled rice fell 0.2%, week-on-week to P33 per kg, while the retail price rose 0.03% to P36.56.

The price of palay, the form in which most farmers sell their crop, has been on a downward trend in 2019. Year-on-year, the palay price was down 22.2%.

Domestic rice has been crowded out of the market by large volumes of imports after the Rice Tariffication Law took effect in March, pressuring prices and depressing farm incomes.

The average farmgate price of yellow corn grain increased 0.3% week-on-week to P12.20 per kg. The average wholesale price rose 0.4% to P21.44. The retail price increased 0.5% to P25.99.

The farmgate price of white corn grain rose 0.5% week-on-week to P13.28 per kg. The average wholesale price fell 0.3% to P16.85, while the average retail price was stable at P26.70. — Vincent Mariel P. Galang