China rice stocks surged: USDA.

The China’s National Bureau of Statistics (NBS) revision adds a cumulative 18 million tons to production for the 2007/08-2017/18 period. Most of the increase is added to stocks as rice is primarily used for food and per-capita consumption appears to have remained relatively stable. China’s stocks are forecast to account for more than two-thirds of global stocks, which are now at a record. Despite lower rice and wheat production in 2018/19, stocks are still forecast to climb, though at a slower expected rate. Auctions of both rice and wheat stocks have resulted in limited sales from state reserves in contrast to the rapid pace of sales from corn stocks.