India's rice stocks hit record high, nearly three times the government’s target

(By Planeta Arroz) India’s rice stockpiles hit an all-time high of 29.7 million metric tons in November, sources said Friday, nearly three times the government’s target, as export restrictions imposed over the past two years have stretched local supplies. Bigger stockpiles would allow the world’s largest rice exporter to increase shipments without worrying about domestic supplies, which were constrained last year and prompted New Delhi to restrict exports of all kinds. Rice reserves in state granaries totaled 29.7 million tons at the start of this month, up 48.5 percent from a year ago, the sources said, speaking on condition of anonymity, according to official rules. Amid overflowing grain silos, Indian farmers harvested a record rice crop of 120 million tons in this year’s summer season, accounting for nearly 85 percent of total rice production. With the arrival of the new crop, stocks at the Food Corporation of India (FCI), the state-run rice storage company, are expected to ...