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USDA attaché report says India's government estimated record 2023/24 grain output of 332.3 MMT. Above-normal monsoon is expected to support record 2024/25 rice (142 MMT) and corn (38.5 MMT) harvests.
India has removed export restrictions on most rice types, except broken rice.
Record Indian rice and corn crops plus reopened exports point to ample global supply, which is bearish for rice and adds corn supply pressure.
fas.usda.govNov 4, 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
