India: Grain and Feed Update

On September 8, 2021, the Indian government raised its minimum support prices (MSP) for the select rabi (winter-planted) crops, including wheat. FAS New Delhi (Post) forecasts marketing year (MY) 2022/2023 (October-September) rice production at 122 million metric tons (MMT), down six percent compared to last year, due to unseasonal rains in October resulting in water lodging as the rice crop nears harvest. MY 2021/2022 rice exports are estimated higher at 22 MMT, but with stocks dropping to 34 MMT. The MY 2022/2023 rice ending stocks volume is dropped to 28 MMT, down 18 percent, on estimated lower opening stocks and weaker forecasted production. Post forecast MY 2022/2023 (April-March) wheat production remains unchanged at 99 MMT. Wheat exports will drop to 5.5 MMT (down 31.5 percent) along with ending stocks leveling off at 9 MMT (down 54 percent). Post reports no significant changes to the USDA official PSD corn table's figures reported in GAIN-INDIA |IN2022-0081| India Grain and Feed Update – October 2022.