Rice USDA’s November month Update

The 2023/24 global rice outlook this month is for higher supplies, consumption, trade, and nearly
unchanged stocks. World supplies are raised 1.6 million tons to 692.6 million, mostly on higher
beginning stocks for India. The country’s beginning stocks are raised based on a 1.5-million-ton
reduction in 2022/23 consumption as implied by the latest government stocks report. India’s
beginning stocks are also increased on reduced 2022/23 exports, which have slowed since the
imposition of its export ban for non-parboiled white milled rice. Global 2023/24 rice consumption
is increased 1.6 million tons to a record 525.2 million on higher projected consumption for India
as the government extends its food assistance programs. World trade is projected at 52.7 million
tons, up 0.4 million mostly on higher exports by Brazil. Projected 2023/24 world ending stocks
are 167.4 million tons, virtually unchanged from last month and remaining at a 6-year low.