Market Report, "Philippines Agribusiness Report Q2 2012", Published
According to official reports, 2011 saw a year-on-year 2.3% growth in farm output, as favourable weather boosted grain production. We expect Philippines to be a less important factor in global commodity trade in 2012, especially for grains such as rice and sugar - in which large imports from the country usually influence prices to the upside. This is underpinned by a favourable weather outlook which should boost production of these commodities.
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