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Rice Output Estimate Raised in India on Monsoon Rains
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Dec. 16 (Bloomberg) -- India, the second-biggest grower of rice, may produce more than previously forecast after late rains increased planting and yield, likely cooling global prices.
Output of monsoon-sown grain may total 71.65 million metric tons, more than the 69.45 million tons estimated last month, the farm ministry said today. Uttar Pradesh, the nation’s main rice- growing state, received widespread rain in August and September, aiding the standing crop, the ministry said.
Global rice prices have surged 41 percent from this year’s low after Philippines, the biggest buyer, hastened purchases for next year and on speculation India, the second-biggest consumer, may make purchases abroad for the first time in two decades.
The price reached a record last year as concerns that there would be food shortages prompted exporters including Vietnam and India to curb exports, sparking food riots across the globe from Haiti to Egypt. Rough rice for March delivery in Chicago traded $16.16 per 100 pounds at 5 p.m. Mumbai time.
India is yet to decide on importing buying as reserves are adequate to meet demand, Trade Minister Anand Sharma told reporters earlier today in New Delhi.
The government will have 42 million tons available for sale to the poor in the year to March 31, compared with a requirement of 25 million tons, the U.S. Department of Agriculture’s Foreign Agricultural Service said Dec. 7. That may help the nation avoid “large-scale” imports, the agency said.
Lentils
Output of lentils may reach 94.4 million tons, higher than 92.2 million tons estimated in November, and production of all grains may be 98.8 million tons, compared with the prediction of 96.6 million tons, the ministry said.
India is trying to increase the output of wheat and other winter-sown grains by 8.5 million tons to partly make up for a smaller monsoon crop. Wheat output may be “better” than last year as sowing is progressing well, Junior Farm Minister K.V. Thomas told reporters in New Delhi today.
The country produced a record 80.58 million tons of wheat in the 2008-09 season, compared with 78.57 million tons a year ago, according to the farm ministry. Wheat, planted in October and harvested in March and April, makes up more than 70 percent of the winter-sown grain production.
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| Region |
Type |
Price |
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| USA |
Bengal Rice |
N/A |
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| USA |
Calrose #1 |
$725 |
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| USA |
Calrose #1 Paddy |
$445 |
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| Egypt |
101 #2 |
N/A |
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| EU Prices |
Baldo |
€ 870 |
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