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India's rice stocks have reached a record high, according to the report. Wheat stocks were also reported at 22.3 million tons as of Dec.
1, and Indian wheat prices have hit a record on strong demand and delayed government stock releases. The government removed export curbs on all rice grades except broken rice after a bumper crop was expected.
Larger rice stocks let India export more without threatening domestic supply, adding competing supply to world rice markets and pressuring prices for other exporters.
reuters.comMayank BhardwajDec 13, 2024After 87 past bearish report events, Rough Rice moved a median +0.0% over 5 sessions (53% higher; middle half -2.1% to +2.4%), and +1.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
