Rice production in Indonesia is expected to hit 64 million tons, according to country’s agriculture ministry.
Not only SEA, that predicted a sharp fall in kharif crop but also CME, which forecasted a decline of 28% in 2008-09 in groundnut production due to 17% lower acreage and fall in yield driven by poor rains and then the floods particularly in Andhra Pradesh, has impacted the production.
In view to bring the spiraling prices under control amid the lower stock position, Punjab, the Northern state of India, has decided to impose stock limit on the amount of rice, pulses and edible oil that traders can hold.