India: Grain and Feed Update
No significant changes in the PSD for rice, wheat and corn to report. Despite forecast record production, MY 2019/20 government wheat procurement fell behind last year on higher purchasing by private trade. The Government of India (GOI) raised the import duty on wheat to 40 percent on April 26, 2019. Fueled by back-to-back bumper harvests and strong procurement over the last two years, food grain (rice and wheat) stocks held by the government on June 1, 2019, are estimated to reach a record 84 million metric tons, creating significant storage challenges.
