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MARKET EQUILIBRIUM
 When the supply and demand curves intersect, the market is in equilibrium.
 Equilibrium is a condition in which competing forces are in balance.
 This is where the quantity demanded and quantity supplied are equal.

 Markets are in constant flux as demands and supplies are subjected to varying driving
forces and influences.
 These shifts, demand and supply shifts, play a critical role in altering market
equilibrium price points and volumes for products and services, requiring
constant vigilance and adaptation by providers and consumers.

*key terms:
a. demand shifts - more or less of a given product or service being required at a
fixed price, resulting in a shift of both price and quantity

b. supply shifts - more or less of a particular product/service being available to

fulfill a given demand, affecting the equilibrium point by shifting the supply curve
upwards or downwards

NATIONAL NEWS
1. Mango Surplus in the Philippines (Joshua Bote, June 14, 2019)
 Philippines has a mango surplus of 4.4. million pounds.
 This, then, has resulted in a drastic decline in price.

 Mangoes will be sold at around 18 to 43 cents a pound, according to the

Philippine Agriculture Department, in order to prevent the crop from going bad.

 The bumper crop for mangoes this year was caused by El Niño's impact on the
area, which led weather conditions to be particularly conducive for mango
growers.

2. NFA Plans to Keep Rice Supple Balanced Even with More Imports (Reicelene Ignacio,
October 15, 2018)
 National Food Authority (NFA) said President Rodrigo R. Duterte’s order to freely
import rice will not disadvantage farmers as the government will remain
responsible for keeping the overall rice supply in equilibrium.
 According to Mr. Imperial, Mr. Duterte’s directive only means
removing administrative impediments and non-tariff barriers to ease
the entry of agricultural products.
 *key terms:
a. nontariff barrier – a way to restrict trade using trade barriers in a form
other than a tariff
b. tariff – a tax imposed by one country on the goods and services
imported from another country

 “Rice supply needs to be balanced — there cannot be an undersupply or

oversupply… The balance should always be maintained. There should be
equilibrium,” NFA Spokesperson Angel G. Imperial said.
 Oversupply would mean no profits for everyone. – Mr. Imperial

 imports will be calibrated to match the degree to which domestic production

cannot supply the market.

INTERNATIONAL NEWS
1. Wine Prices Expected to Drop Thanks to Excess Supply of Grapes (FOX8, February 18,
2020)
 The state of wine industry report says wine prices could even be the lowest in the
past 20 years because of a surplus of grapes and also due to lower demand as
Americans opt for liquor and cocktails.
 The San Joaquin County Farm Bureau, however, says that's not good
news for everyone, especially grape growers. In fact, the San Joaquin
County Farm Bureau says some growers are choosing to leave
grapes on the vine because it would cost more to produce.

2. FNC Notes Equilibrium in Farmland Market

 "The agricultural land market is in a time of equilibrium as the supply of land for
sale is fairly in balance with the demand to buy land," says Randy Dickhut, senior
vice president of real estate operations for FNC.
 "The supply of ag land for sale is generally on the low side of normal
as some landowners are deciding whether to sell now or keep their
land. Demand to buy land has trended lower over the past few years
as buyers are being more cautious."
 According to a survey of FNC agents, farmers and ranchers, who
were the predominant purchasers of land that came on the market
during the past decade, are not being as aggressive now when
compared to recent years.
 Farm and ranch profits are down and lenders are being more careful
in what they will lend on land purchases.
 Furthermore, investor interest in farm and ranch land declined as land
values moved higher during the last four to five years and the return
on investment slipped. But individual and fund investors are moving
back into the land market as land prices soften.
  FNC reports that, overall, demand for good land remains solid, but
interest in lower quality crop ground and grassland is less in most
areas.

*key terms:
a. FNC – Farmers National Company, the nation's leading farm and ranch real
estate company