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Panama: Panama Agriculture Profile 2012

2010/12/07

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Pakistan Agriculture Profile 2012

Reference Date: 27-May-2011

 


FOOD SECURITY SNAPSHOT

  1. Sowing outlook good for 2011 cereal crops

  2. Prices of rice stable but prices of bread and beans increase

Sowing outlook good for cereal crops of the main 2011 campaign

Sowing of the main cereal crops of 2011 is in progress. In the last few months normal and abundant levels of rainfall were recorded, particularly in the northern areas of the country that maintained adequate humidity conditions in the soil and favoured sowing operations. It is expected that the area planted with rice, the main cereal, and with maize will remain at the same levels as the year before and early estimations indicate a normal yield in 2011.

Prices of bread and beans high but prices of rice stable

Prices of bread, an important product in the Panamanian diet, have escalated since September last year, mirroring the increasing trend on the international market. The country does not produce wheat and any required for consumption is imported. In April 2011, the price of bread in Panama City's market was valued at 0.99 Balboa/pound, the same record level reached in February 2009 and 18 percent higher than in 2008. Prices of red beans, which fell in recent months with the main 2010 harvest, increased by 11 percent in May compared to the month before. As a result of the reduced availability of beans in the Central American region, due to the reduced 2010 yield, it is predicted that prices will show an increasing trend in the latter half of 2011. Prices of maize, which is mainly imported, have notably increased over the last two months and in May were 25 percent higher than last year.

 

However, prices of rice remained stable in recent months due to the favourable yield and decreasing prices on the international market. The country imports around one-quarter of the rice it consumes. In May 2011, first quality rice was valued at 1.08 Balboa/kg in Panama City's retail markets, similar to its value in May 2010.

08/12/2010  Intense rains affected northern Panama
The excessive rainfall caused by the passage of the storm Matthew during the third week of September, exacerbated the already critical situation of the highlands of Chiriqui where, according to preliminary reports, the heavy rainfall affected yields and may reduce production, particularly of vegetables and pulses.

Harvesting of the main rice crop is underway with good output estimates
Maize harvesting is complete in the main producing provinces of Los Santos and Chiriquí while rice harvesting is still underway. Preliminary production estimates point to a slight increase in rice output compared to 2009 at 310 000 tonnes of paddy rice, marking a slight recovery from last year’s contraction (+2.5 percent). The increase is mainly driven by a stronger agricultural credit growth in 2010 while rising commodities prices are likely to have an impact on future cereal planting intentions.

Import spending increased in the first months of 2010
Total cereal import requirements (mostly wheat and maize) for 2010 are expected to rise marginally to about 582 000 tonnes (+2 percent). The country is not self sufficient in cereal production and it imports, virtually all the wheat and maize consumed, commercially.

Although food commodities recorded one of the lowest inflation rate increases in the last month, being a net food importer, Panama’s total import spending could be severely affected by rising international prices. The total import spending already rose by 30 percent in the first half of the year, following a contraction of 16.5 percent in the same period last year.