By Chanyaporn Chanjaroen & Cecilia Yap - Nov 11, 2013
Bloomberg
Rice and sugar crops were destroyed by Super Typhoon Haiyan when it cut through the central Philippines flattening buildings and unleashing floods that may have killed as many as 10,000 people.
Rice imports may increase because of shortages, pushing purchases above an estimate of 1.1 million metric tons by the U.S. Department of Agriculture, said Samarendu Mohanty, senior economist at the International Rice Research Institute, which is using satellite-monitoring to get a better assessment.
Futures traded in Chicago fell 0.6 percent today to $15.60 per 100 pounds and are 6.1 percent below a 19-month high in June as global production expands 0.9 percent to a record 473.2 million tons, according to USDA data. Sugar futures traded in New York declined 6.6 percent in the past year.
“Depending on damage from the typhoon, the import number may change,” Mohanty said by phone. “I’d think there will be some increase. I can’t tell now how much exactly.” While the Eastern Visayas, the hardest hit area, represents only 5 percent of national output, shortages may strain inventories, he said.
The United Nations said it’s stepping up relief operations, with much of the destruction concentrated in and around Tacloban city, capital of Leyte province. The difficulty in reaching the worst-hit areas means the number of casualties has yet to be confirmed, said the Red Cross in Geneva, which cited Philippine authorities as saying the death toll may reach 10,000.
Mill Damage
Between 50,000 tons and 120,000 tons of sugar may have been lost as the typhoon damaged crops in Visayas, which accounts for more than half the nation’s plantations, Sugar Regulatory Administration head Regina Martin told reporters in Manila.
About 25,000 hectares of sugar in the area are affected and losses may rise, said Martin, citing preliminary data.
Cane crops as well as milling infrastructure may have sustained “significant” damage across northern Negros, Panay and Leyte islands, Green Pool Commodity Specialists Pty said in a report today. Negros represents 55 percent of country’s cane output, Panay about 6 percent and Leyte about 2%, said Green Pool, a research company based in Brisbane.
The true extent of the damage may not be known for weeks or months, director Tom McNeill, who has followed sugar for more than 25 years, said in a separate e-mail.
Bloomberg
Rice and sugar crops were destroyed by Super Typhoon Haiyan when it cut through the central Philippines flattening buildings and unleashing floods that may have killed as many as 10,000 people.
Rice imports may increase because of shortages, pushing purchases above an estimate of 1.1 million metric tons by the U.S. Department of Agriculture, said Samarendu Mohanty, senior economist at the International Rice Research Institute, which is using satellite-monitoring to get a better assessment.
Futures traded in Chicago fell 0.6 percent today to $15.60 per 100 pounds and are 6.1 percent below a 19-month high in June as global production expands 0.9 percent to a record 473.2 million tons, according to USDA data. Sugar futures traded in New York declined 6.6 percent in the past year.
“Depending on damage from the typhoon, the import number may change,” Mohanty said by phone. “I’d think there will be some increase. I can’t tell now how much exactly.” While the Eastern Visayas, the hardest hit area, represents only 5 percent of national output, shortages may strain inventories, he said.
The United Nations said it’s stepping up relief operations, with much of the destruction concentrated in and around Tacloban city, capital of Leyte province. The difficulty in reaching the worst-hit areas means the number of casualties has yet to be confirmed, said the Red Cross in Geneva, which cited Philippine authorities as saying the death toll may reach 10,000.
Mill Damage
Between 50,000 tons and 120,000 tons of sugar may have been lost as the typhoon damaged crops in Visayas, which accounts for more than half the nation’s plantations, Sugar Regulatory Administration head Regina Martin told reporters in Manila.
About 25,000 hectares of sugar in the area are affected and losses may rise, said Martin, citing preliminary data.
Cane crops as well as milling infrastructure may have sustained “significant” damage across northern Negros, Panay and Leyte islands, Green Pool Commodity Specialists Pty said in a report today. Negros represents 55 percent of country’s cane output, Panay about 6 percent and Leyte about 2%, said Green Pool, a research company based in Brisbane.
The true extent of the damage may not be known for weeks or months, director Tom McNeill, who has followed sugar for more than 25 years, said in a separate e-mail.
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