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India's government is discussing a cut to the reserve sale price of broken rice offered to grain-based distilleries for ethanol production. Broken rice allocated at Rs 28/kg under the open market sale scheme has found no buyers because the price is seen as financially unviable.
FCI and agencies hold 28 million tonnes of rice stocks, well above the January buffer of 7.61 million tonnes.
Large state rice stocks and a possible lower reserve price could widen the use of rice in ethanol and reduce pressure on maize as an ethanol feedstock. Lower prices in the domestic rice complex are the likely result.
gleaf.inauthorDec 23, 2024After 100 past bearish policy events, RICE moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.6%), and +0.1% over 20.
After 317 past bullish policy events, CORN moved a median -0.1% over 5 sessions (49% higher; middle half -1.4% to +1.5%), and -0.2% 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.
