by PressA good grain harvest is promised in India this season
IGC predicts a good grain crop for India
IGC experts published a report on production volumes in India for the current season. Analysts forecast a good grain harvest of 153.8 million tons, which is about 2.8 million tons more than in the previous season. At that time, the amount of grown grains amounted to almost 143 million tons. Prior to that, experts were talking about figures for 2020/2021 by 0.5 million tons less than in the report.
As of the beginning of the marketing year, stocks of Indian grain were at the level of 27.3 million tons. Reserves of products in the last period recorded 8 million tons less.
On the supply side, its size for the current season is 181.6 million tons. In the 2019/2020 season, the estimate was lower by 10.4 million tons.
In addition, the Indian authorities plan to reduce grain imports, its volume will amount to 0.6 million tons. For comparison, in the previous period, this value was 0.9 million tons. In turn, exports will increase to 1.5 million tons, which is 0.6 million tons higher than previously observed.
Domestic consumption of grain in the country will increase to 147.9 million tons. The size of final reserves is expected to reach 32.2 million tons.
The IGC experts also published data on rice production in India. Its volume is expected to increase by 3 million tons to 119.5 million tons. At the same time in the June report values were by 0.6 million tons less.
The initial reserve for the current season is 33.9 million tons, although the last forecast said the figure was 0.9 million tons less. In 2019/2020, there were 22.6 million tons of rice in reserve.
The supply of the crop will also increase in the current period, it will reach 153.4 million tons, last season the volume was 146.6 million tons.
India plans to increase rice exports to 10.9 million tons from 10.4 million tons in 2019/2020. As for imports, the country has refused to buy grain for several years, with production volumes fully covering domestic demand.
According to the forecast from the IGC, rice consumption in the current period will be at 105.3 million tons, 2.3 million tons higher than in the previous season. Transition stocks will amount to 37.2 million tons.