India’s rice stocks surge to record high as paddy procurement climbs

India’s rice inventories in government warehouses climbed nearly 12% from a year earlier to a record high for early December after state-run agencies stepped up procurement of the new-season paddy crop, government data showed. The swelling stockpiles could allow the world’s biggest rice exporter to boost shipments, putting pressure on supplies from rivals such as Thailand, Vietnam and Pakistan. State reserves of rice, including unmilled paddy, totalled a record 57.57 million metric tons as of December 1, far exceeding the government’s target of 7.61 million tons for January 1. Wheat stocks stood at 29.14 million tons on December 1, up from last year’s 20.6 million tons, the data showed. State-run agencies are being forced to buy large quantities from farmers as open-market prices remain below the government-set minimum support price, said a New Delhi based dealer with a global trade house. “Despite the government buying heavily, traders still have plenty of stock for exports,” he ...