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News
Super Typhoon Haiyan razes rice, sugar harvests in Philippines
Date:
12 Nov 2013
Source:
The Economic Times
Reporter:
ET Bureau
News ID:
2708
Pdf:
Nlink:
Rice and sugar harvests in the
Philippines
were damaged by
Super Typhoon Haiyan
when the most powerful storm on record to strike the country unleashed winds and floods that may have killed as many as 10,000 people.
Rice imports
may increase, pushing purchases above an estimate of 1.1 million metric tonne by the US Department of Agriculture, said Samarendu Mohanty, senior economist at the International Rice Research Institute.
Between 50,000 tonne and 120,000 tonne of sugar may have been lost, the Sugar Regulatory Administration estimated. An expansion in rice shipments to the Southeast Asian country would offer opportunities to India,
Vietnam
and Thailand, the world's three biggest exporters.
Stockpiles of the grain in Thailand stand at a record after a statebuying program spurred local harvests. The Philippine government warned that the devastation from Haiyan may hurt the economy, estimating that farm damage totaled 3.7 billion pesos ($85 million.)
"Depending on damage from the typhoon, the import number may change," Mohanty said by phone. The USDA's estimate for 2013-2014 was made before the typhoon struck. "I'd think there will be some increase. I can't tell now how much exactly."
A total of 131,611 tonne of rice was lost, equivalent to a 1.8 per cent reduction in fourthquarter output, according to areport from the Department of Agriculture today. About 71,000 hectares (175,000 acres) of farmland were affected, it said, adding that about 4,000 tonne of corn were destroyed.
Emergency Mission The Food & Agriculture Organization is dispatching an emergency mission to the Philippines to gauge the impact from the typhoon, said Hiroyuki Konuma, regional representative for Asia and the Pacific region. While it's too early to assess the magnitude of the damage, rice imports may rise, Konuma said.
Rough rice fell 0.9 per cent to $15.55 per 100 pounds on the
Chicago Board of Trade
at 1:53 p.m. in Manila. Sugar dropped 6.7 per cent in the past year to 18.07 cents a pound in New York.
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