Philippines May Lose 600,000 Tons Rice From Typhoon

The Philippines, the world’s biggest rice buyer, may lose 600,000 metric tons of the crop as Supertyphoon Megi, the strongest to hit the nation this year, strikes some of the nation’s biggest producing areas, a government official said. Rice futures advanced.

“Once the typhoon hits those areas, the crop will be affected,” Agriculture Undersecretary Antonio Fleta said in a phone interview from Manila. “Even if farmers harvest the damaged rice, they’d have a hard time drying the grain. There may not be much left to sell.”