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The cumulative rainfall for the Northeast Monsoon 2018 reported by the Indian Meteorological Department (IMD), as of January 4, 2019, was 44 percent lower than the 50 year average.
Total marketing year (MY) 2018/19 production is forecast at 18.75 million metric tons (MMT) for wheat and 5.5 MMT for corn.
MY2018/19 production is forecast to decline to 1.47 million metric tons down 18 percent due to flooding damage.
On January 4, Taiwan awarded 3,000 tons of medium/short grain rice to a U.S. bidder under Tender GF4-107-662.
Post forecast Australian wheat production at 17 million metric tons (MMT) for 2018/19 due to hot conditions and low rainfall in eastern Australia.
Rice export prices declined 2 percent due to the lack of new inquiries.
Quotations are not available this week due to the Lunar New Year’s holiday.