India's rice stocks surge to record high, boosting export prospects
Rice inventories in India surged to a record high at the start of December, reaching more than five times the government's target and potentially boosting overseas shipments from the world's biggest exporter of the staple food.
Rice reserves, including unmilled paddy, in state granaries totalled 44.1 million metric tons on Dec. 1 against a government target of 7.6 million tons, data compiled by the Food Corporation of India showed.
Wheat stocks on Dec. 1 stood at 22.3 million tons against a targeted 13.8 million tons.
Higher rice stocks would allow India to boost shipments without jeopardising domestic supplies. Last year's patchy monsoon rains led New Delhi to restrict exports of all grades.
The expectation of a bumper crop prompted India to remove export curbs on all rice grades, except for broken rice.
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