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Rice export prices increased 2-3 percent, reflecting new inquiries that offset the depreciation of the Thai baht.

High commodity prices in the international market during the last term of 2022 are expected to impede the growth of 2022/23 Indonesian wheat imports and curb the use of wheat in feed formulation.

The Philippines maintains a Tariff Rate Quota (TRQ) for corn (H.S. 1005). Following the reduction of tariffs in 2022 and their extension in 2023, significant interest in how to access the in-quota tariff ensued, and in turn, so followed widespread concern among local stakeholders for the process being anti-competitive, outdated, and potentially inconsistent with the Philippines' commitments with trading partners.

Rice export prices increased 2-3 percent due to the strengthening of the Thai baht which offset the downward pressure on domestic rice prices.

FAS/Tokyo projects reduced corn imports and feed consumption in MY2022/23 due to large outbreaks of Highly Pathogenic Avian Influenza as well as increased competition from domestic feed rice, followed by a recovery of corn consumption in MY2023/24.

Post forecasts that MY2023/24 rice production will reach a five-year record of 20.4 million metric tons due to abundant water supplies and attractive farm-gate prices.

Rice export prices decreased 1 percent as new supplies of MY2022/23 off-season rice continued entering the market.

Post forecasts that consumption and imports of corn, wheat and rice in Malaysia will slightly increase in Marketing Year (MY) 2023/24, in line with population growth and normalization of the market.

Rice export prices increased 1 percent.

Rice export prices declined 1-2 percent due to the weakening of the Thai baht.