India 5% broken rice ended the month at $420 per ton, up about 1% from a month ago and down about 7% from a year ago. Meanwhile, average monthly wholesale rice prices in India increased to about Rs. 2,731 per quintal (about $440 per ton) in February 2014, up about 1% from about Rs. 2,702 per quintal (about $429 per ton) in January 2014, and up about 4% from about Rs.2,627 per quintal (about $448 per ton) seen a year ago in February 2013.
Meanwhile, India’s Commission on Agricultural Costs and Prices (CACP) says that the government should release about 15-20 million tons of rice and wheat in to the domestic market to reduce prices as India tries to battle rampant food price inflation. India’s rice stocks in the central pool as of February 1, 2014 declined to about 31.27 million tons (including a milled equivalent of about 22.054 million tons of paddy), down about 12% from about 35.38 million tons recorded during the same time last year, which is more than double the required buffer and strategic reserve norms of about 13.8 million tons at this time of the year, according to the Food Corporation of India.
The Indian government has procured about 24.66 million tons rice so far in this year, down about 10% from about 27.3 million tons procured during the same time in last year. Meanwhile USDA expects that India rice procurement will decline to about 32 million tons in My2013-14, down about 6% from about 34 million tons rice procured in last year. For now, the Indian government is targeting to procure about 34.3 million tons in MY2013-14.
India is expected to export about 10 million tons rice during current calendar year, while rice exports are expected to decline about 8 million tons in next year, according to the USDA. The Indian government projected that India will produce about 106.19 million tons rice in 2013-14, the highest ever on record and up from an estimated 105.24 million tons produced in the previous year.
However, the USDA expects that India will produce about 104 million tons rice in 2013-14, up about 1 million tons from last year. Separately, India is likely to resume future trading in rice via the National Commodity and Derivatives Exchange Limited in March. India had banned future trading in rice in 2007 due to high prices. - See more at: http://oryza.com/reports/monthly-review/oryza-february-2014-rice-market-review#sthash.omczhB74.dpuf
Meanwhile, India’s Commission on Agricultural Costs and Prices (CACP) says that the government should release about 15-20 million tons of rice and wheat in to the domestic market to reduce prices as India tries to battle rampant food price inflation. India’s rice stocks in the central pool as of February 1, 2014 declined to about 31.27 million tons (including a milled equivalent of about 22.054 million tons of paddy), down about 12% from about 35.38 million tons recorded during the same time last year, which is more than double the required buffer and strategic reserve norms of about 13.8 million tons at this time of the year, according to the Food Corporation of India.
The Indian government has procured about 24.66 million tons rice so far in this year, down about 10% from about 27.3 million tons procured during the same time in last year. Meanwhile USDA expects that India rice procurement will decline to about 32 million tons in My2013-14, down about 6% from about 34 million tons rice procured in last year. For now, the Indian government is targeting to procure about 34.3 million tons in MY2013-14.
India is expected to export about 10 million tons rice during current calendar year, while rice exports are expected to decline about 8 million tons in next year, according to the USDA. The Indian government projected that India will produce about 106.19 million tons rice in 2013-14, the highest ever on record and up from an estimated 105.24 million tons produced in the previous year.
However, the USDA expects that India will produce about 104 million tons rice in 2013-14, up about 1 million tons from last year. Separately, India is likely to resume future trading in rice via the National Commodity and Derivatives Exchange Limited in March. India had banned future trading in rice in 2007 due to high prices. - See more at: http://oryza.com/reports/monthly-review/oryza-february-2014-rice-market-review#sthash.omczhB74.dpuf
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