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India says no need to import rice on higher stocks
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(Reuters) - India does not need to import rice due to higher domestic stocks, Farm Minister Sharad Pawar said on Wednesday, a move which could potentially ease global rice prices further on lower-than-expected demand.
"Our stocks are much higher than buffer norms. We have not taken any decision on rice imports. In fact, we do not need imports," Pawar said.
Government sources said earlier this month that India's rice stocks were at 22.9 million tonnes on Dec. 1, substantially higher than a target of 5.2 million tonnes. See [ID:nDEL002422]
More quantities of wheat could be released for open market sales from the government's buffer stocks, Pawar said, to trim the stocks at government warehouses.
"Looking at the crop condition, we may release some wheat for open market sales after two months," he said.
Stocks of wheat at government warehouses on Dec. 1 were at 25.2 million tonnes against a targeted 11.0 million tonnes, government sources had said earlier this month.
(Reuters) - India does not need to import rice due to higher domestic stocks, Farm Minister Sharad Pawar said on Wednesday, a move which could potentially ease global rice prices further on lower-than-expected demand.
"Our stocks are much higher than buffer norms. We have not taken any decision on rice imports. In fact, we do not need imports," Pawar said.
Government sources said earlier this month that India's rice stocks were at 22.9 million tonnes on Dec. 1, substantially higher than a target of 5.2 million tonnes. See [ID:nDEL002422]
More quantities of wheat could be released for open market sales from the government's buffer stocks, Pawar said, to trim the stocks at government warehouses.
"Looking at the crop condition, we may release some wheat for open market sales after two months," he said.
Stocks of wheat at government warehouses on Dec. 1 were at 25.2 million tonnes against a targeted 11.0 million tonnes, government sources had said earlier this month.
(Reuters) - India does not need to import rice due to higher domestic stocks, Farm Minister Sharad Pawar said on Wednesday, a move which could potentially ease global rice prices further on lower-than-expected demand.
"Our stocks are much higher than buffer norms. We have not taken any decision on rice imports. In fact, we do not need imports," Pawar said.
Government sources said earlier this month that India's rice stocks were at 22.9 million tonnes on Dec. 1, substantially higher than a target of 5.2 million tonnes. See [ID:nDEL002422]
More quantities of wheat could be released for open market sales from the government's buffer stocks, Pawar said, to trim the stocks at government warehouses.
"Looking at the crop condition, we may release some wheat for open market sales after two months," he said.
Stocks of wheat at government warehouses on Dec. 1 were at 25.2 million tonnes against a targeted 11.0 million tonnes, government sources had said earlier this month.
Analysts say higher stocks of rice and wheat in India, the world's second-biggest producer of the two staple, may put some downward pressure on Chicago-traded benchmark prices.
Analysts say higher stocks of rice and wheat in India, the world's second-biggest producer of the two staple, may put some downward pressure on Chicago-traded benchmark prices.
Analysts say higher stocks of rice and wheat in India, the world's second-biggest producer of the two staple, may put some downward pressure on Chicago-traded benchmark prices.
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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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