India’s rice stocks reach record high

India's rice stocks have reached a record high of 60.9 million tonnes on January 1, more than eight times the government's target of 7.6 million tonnes. Wheat stocks, while also surpassing the target of 13.8 million tonnes, are lower than the average of 26.7 million tonnes over the past five years. The high rice stocks could allow for increased exports. However, paddy procurement in some states is complicating storage.

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 ...