The latest crop-stock reports coming out of India may make for interesting reading to a vast majority of our listed IMD companies as India Infoline reports that it may harvest a record crop this year.
Thanks to some good weather and a helping hand from its government the country’s farmers are likely to reap something in the region of 90.23 million metric tons of wheat in 2012. That is an increase from last year’s 86.87 million tons, according to the UN’s Food & Agriculture Organization based in Rome.
While rice and course grains had got off to a slow start because of a scarcity of rain, a favorable monsoon last year boosted its cereal production to a record 232.1 million tons including milled rice, up 5.5 percent from a year earlier, it said.
Owing to this, India will have a surplus of about 13 million tons available to export in the 2012-13 season that started in April, nearly doubling the average for the previous five-years, this includes wheat, corn and rice.
However there is concern over a lack of sufficient quality storage capacity surrounding this report by FAO.