THE US Department of Agriculture (USDA) said it reduced its estimate for Philippine milled rice production in marketing year 2025-2026 to 12.3 million metric tons (MMT), following typhoon damage to crops in November. The revised estimate for the current marketing year is 2% lower than November’s projection of 12.6 MMT and down 1% from the […]THE US Department of Agriculture (USDA) said it reduced its estimate for Philippine milled rice production in marketing year 2025-2026 to 12.3 million metric tons (MMT), following typhoon damage to crops in November. The revised estimate for the current marketing year is 2% lower than November’s projection of 12.6 MMT and down 1% from the […]

USDA cuts output forecast for PHL rice, citing typhoon damage

2025/12/10 23:47

THE US Department of Agriculture (USDA) said it reduced its estimate for Philippine milled rice production in marketing year 2025-2026 to 12.3 million metric tons (MMT), following typhoon damage to crops in November.

The revised estimate for the current marketing year is 2% lower than November’s projection of 12.6 MMT and down 1% from the year-earlier 12.37 MMT, the USDA said in a report.

The USDA’s marketing year starts in July and ends in June of the following year.

The USDA said the harvested area for the marketing year is projected at 4.7 million hectares, also 2% lower than the month-earlier estimate, and slightly below the year-earlier one. The yield estimate was downgraded 1% to 4.15 tons per hectare.

The USDA said initially favorable growing conditions were offset by heavy rainfall in early to mid-November brought on by Typhoon Fung-wong, known in the Philippines as Uwan.

“Torrential rains led to localized flooding in the northern Philippines’ major rice-producing provinces, most notably, Central Luzon and the Cagayan Valley. Combined, these two regions account for roughly a third of quarter four rice output,” the report said.

The USDA said the regions experienced widespread flooding, with early analysis indicating more than 250,000 hectares of rice fields inundated.

The USDA added that while rice can tolerate short periods of flooding, extended inundation during the crop’s advanced development stage is expected to weigh on fourth-quarter yields.

Meanwhile, the USDA also projects a decline in rice imports for the year, following the government’s temporary import ban.

In a separate report, the USDA estimated that Philippine rice imports this year will total 3.5 MMT, down from a revised estimate of 3.7 MMT in a previous report.

In August, the Philippines, the world’s top rice importer, announced a 60-day ban on rice imports starting September to assist farmers facing low farmgate prices. The ban was extended to the end of the year, with imports ex-pected to resume in January. — Vonn Andrei E. Villamiel

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Big U.S. banks cut prime rate to 7.25% after Fed’s interest rate cut

Big U.S. banks cut prime rate to 7.25% after Fed’s interest rate cut

The post Big U.S. banks cut prime rate to 7.25% after Fed’s interest rate cut appeared on BitcoinEthereumNews.com. Big U.S. banks have lowered their prime lending rate to 7.25%, down from 7.50%, after the Federal Reserve announced a 25 basis point rate cut on Wednesday, the first adjustment since December. The change directly affects consumer and business loans across the country. According to Reuters, JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America all implemented the new rate immediately following the Fed’s announcement. The prime rate is what banks charge their most trusted borrowers, usually large companies. But it’s also the base for what everyone else pays; mortgages, small business loans, credit cards, and personal loans. With this cut, borrowing gets slightly cheaper across the board. Inflation still isn’t under control. It’s above the 2% goal, and the impact of President Donald Trump’s tariffs remains uncertain. Fed reacts to rising unemployment concerns Richard Flynn, managing director at Charles Schwab UK, said jobless claims are at their highest in almost four years, despite the Fed originally planning to keep rates unchanged through the summer. “Although the summer began with expectations of holding rates steady, the labor market has shown more signs of weakness than anticipated,” Flynn said. Hiring has slowed because of uncertainty around Trump’s trade policy. Companies are hesitating to add staff, which is why job growth has nearly stalled. As fewer people are hired, spending starts to shrink. And that’s when things start to unravel. That’s what the Fed is trying to get ahead of with this rate cut. The cut also helps banks directly. Lower rates mean more people may qualify for loans again. During the previous rate hikes, lending standards got tighter. Now, with cheaper credit, smaller businesses could get approved again. If well-funded businesses feel confident, they may hire again. That could eventually help the consumer side of the economy bounce back, but that’s…
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