India govt year to Sep rice opening stocks 16.3 MMT, up 12.7% on year.

The government held 16.3 MMT of rice in its stocks at the beginning of the 2017-18 (Oct-Sep) marketing year, higher than 14.5 MMT a year ago. The rice stocks were also higher than the buffer norm of 10.3 MMT for Oct 1. The carryover stocks are higher this year due to record high production of rice in 2016-17 (Jul-Jun). India produced 110.2 MMT of rice in 2016-17, up from 104.4 MMT the previous year. The government’s rice stocks are expected to increase in the coming months, as kharif harvesting is over in most rice-growing regions and procurement is picking up pace.