The Philippines will soon start importing rice. This will become possible already next year. The country is planning to supply various sorts of the product to foreign markets, namely, extra-long white, aromatic white, and colour (red, pink, brown, and black) rice.
Highest quality rice is to be selected, as such sorts are almost not produced in other countries. The countries, to which the rice is supposed to be supplied, include India, USA, Japan, Hong Kong , Singapore, and Middle East. Europe is also supposed to receive premium quality rice. The Netherlands and Belgium bear high interest to alternative sorts of rice.
At present Philippine rice is enough to provide food to 90 million people. In 2013 import will not exceed 100 000 tons, as decided by the government. Reaching self-sufficiency in the production of the product is the main target in the market of rice in Philippines.
The chart below reflects the current state of affairs in the market of rice: future is currently traded within correctional wave (4); this wave will be followed by another price drop of food commodities. In this reference 14.4 is a significant level of support.
