India’s rice stocks reach record high

While its wheat stocks continue to drop, India’s rice stocks hit a record at the beginning of January, reaching eight times the government’s target, Reuters reported.

Rice reserves totaled 60.9 million tonnes on Jan. 1, much higher than the target of 7.6 million tonnes.

Wheat stocks were at 18.4 million tonnes, above the target of 13.8 million tonnes, but significantly below the five-year average of 26.7 million tonnes.

Paddy procurement is still happening in some states, which complicates storage, according to one exporter.

Higher rice stocks will allow India to increase exports.

Tags: rice, India, stocks