India: Grain and Feed Update

The recovery of the 2023 southwest monsoon from third week of June and forecasted normal precipitation in July will support ongoing planting of kharif (fall harvested) season crops. MY 2022/2023 (October/September) rice production is lowered to 134 million metric tons (MMT) on relatively tighter than expected supplies reflected from a rise in domestic prices and lower than expected government procurement under the government’s price support program. MY 2022/2023 rice ending stocks are estimated lower at 33 MMT. MY 2023/2024 wheat production is also forecast lower at 108 MMT on tight supplies. On June 12, 2023, the Indian government imposed stock limits on wheat for retailers, traders, and processors effective till March 31, 2024, to discourage price speculation. MY 2022/2023 ending stocks are revised lower to 8.5 MMT on lower-than-expected government wheat procurement.