India’s rice stocks surge to record high as paddy procurement climbs
India’s rice stocks in government warehouses jumped nearly 12% year-on-year to a record early-December level, driven by strong procurement of new-season paddy. The build-up may enable the world’s largest rice exporter to increase shipments, potentially pressuring competing suppliers like Thailand, Vietnam and Pakistan in global markets.
India’s rice inventories in government warehouses climbed nearly 12% from a year earlier to a record high for early December after state-run agencies stepped up procurement of the new-season paddy crop, government data showed.
The swelling stockpiles could allow the world’s biggest rice exporter to boost shipments, putting pressure on supplies from rivals such as Thailand, Vietnam and Pakistan.
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Source: Reuters
