India average wholesale rice prices, which increased in January 2015 after declining for two consecutive months have again declined in February 2015 due to increased supplies and declining export demand, according to official sources.

Average monthly wholesale rice prices in India declined to around Rs.2,709.78 per quintal in February 2015, down about 4% from around Rs.2,836 per quintal in January 2015, and down about 2% from their year-ago levels of around Rs.2,761.2 per quintal.

In terms of USD per ton, wholesale rice prices in India stand at around $438 per ton (using current exchange rates) in February 2015, down about 5% from around $461 per ton (using historical exchange rates) in January 2015, and down about 1.5% from around $445 per ton (using historical exchange rates) in February 2014.    

The government of India, in its second advance estimates for major crops, has estimated India's rice production for 2014-15 marketing year (October 2014 - September 2015) at around 103.04 million tons, down about 3% from an estimated 106.65 million tons in 2013-14, according to a statement from the agriculture Ministry this month. The government of India is estimating 2014-15 (April 2014 - March 2015) rice exports, including basmati and non-basmati, at around 10.1 million tons, down about 7% from around 10.9 million tons exported in 2013-14

USDA estimates India's 2014-15 (October - September) production at around 102  million tons, down about 4% from an estimated 106.54 million tons in 2013-14. It estimates India’s rice exports to decline about 16% y/y to around 8.7 million tons in 2015 from an estimated 10.3 million tons in 2014.

Source:oryza.com