Rice stock in India in government warehouses reached over 14% from a year earlier to a record high for early September, whereas wheat inventories also reached a four-year peak on stronger buying from farmers. India is the biggest exporter of rice in the world, and the highest rice stocks record would not be a surprise for many.
Rice Stock in India will Support Higher Exports
Record rice stocks in India is directly supporting exports, whereas improved wheat inventories give options to government to curb potential price hikes. State reserves of rice, including unmilled paddy, totalled a record 48.2 million metric tons as of September 1, far exceeding the government’s target of 13.5 million tons for July 1.
India, one of the largest producers of rice exports its premium rice to several nations, including Philippines the world’s largest importer of rice. In this context dealers from New Delhi share their optimistic thoughts and said that India is set to export a record quantity this year. Wheat stocks stood at 33.3 million tons on September 1, well above the government’s target of 27.6 million tons, the data showed.