Commodities Buzz: Philippines Rice Stocks Scale Record Levels In May 2018

The Philippine Statistics Authority (PSA) said in its latest report that the countrys rice inventory as of May 1 reached 2.909 million metric tons.

The countrys rice inventory as of May 1 rose to the highest level in six months, after the harvest of local paddy kicked into high gear in April, according to data released by the Philippine Statistics Authority (PSA).

Data from the PSA showed that the rice inventory during the period reached 2.909 million metric tons (MMT). On a monthly basis, the figure is 33.3 percent higher than the April inventory. The May 1 stockpile, however, is 9.48 percent lower than the previous years 3.214 MMT.