India: Grain and Feed Update

On September 8, 2021, the Indian government raised the minimum support prices (MSP) for the select upcoming rabi (winter-planted) crops, including wheat. Based on the latest official estimates for government-held rice stocks, the marketing year (MY) 2020/2021 (October-September) ending stocks are raised higher to 37.1 million metric tons (MMT), with consumption lowered to 99.1 million metric tons. India’s forecast rice production in MY 2021/2022 production is revised lower to 124 MMT due to unseasonal rains in October at the time of harvest, affecting yield prospects. The MY 2021/2022 wheat export forecast is raised higher to 5 MMT (including 30,000-40,000 MT of wheat products) on expected steady domestic prices and more-than-sufficient exportable surplus. MY 2021/2022 ending stocks are lowered to the 27.85 MMT level, as the government draws down on stocks to ensure sufficient supply for the domestic milling industry. FAS New Delhi reports no significant changes to the official PSD corn table.