India faces biggest rice production drop in nearly 20 years
India
India is on track for its biggest rice production drop in nearly 20 years, mainly because the monsoon just did not deliver this season.
Some rice-growing states got a rainfall deficit as high as 42%, leading to an expected 6.5% dip in rice harvest compared to last year's record numbers.
India's rice stocks keep exports strong
Even with lower production, India still has massive rice stockpiles, 59.6 million tons, so exports are set to continue strong.
Prices at home have shot up, especially for premium varieties, which might encourage some farmers to sell less to the government.
To keep things balanced, the government should still be able to export the grain without imposing restrictions.