India: Grain and Feed Update

On September 25, 2024, India’s Ministry of Agriculture and Farmers Welfare (MoAFW) released final production estimates of major crops for Indian crop year (ICY) 2023/2024 (July-June). MoAFW estimated grain production at a record 332.3 million metric tons (MMT) due to record production of rice and wheat. Above normal 2024 monsoon is likely to fuel grain harvest in the upcoming MY 2024/2025 resulting in a record harvest forecast of rice (142 MMT) and corn (38.5 MMT). On October 16, 2024, the Government of India (GoI) raised minimum support prices (MSPs) for select mandated rabi (winter planted) crops for Indian Crop Year (ICY) 2024/2025 (July-June), including wheat and chickpeas. Over the last two months, GOI removed export restrictions on various rice types, except for the continued export ban on broken rice.