India Rice Output To Reach Record Levels

India, one the world's biggest producers of rice is likely to harvest a record crop this year after rains spurred sowing, helping the nation scrap the six-month old restriction on exports of the grain.

A bigger harvest may prompt India to lift the export ban, pressuring global prices that have slumped 21 % from a record in April. Thailand and Vietnam, the world's biggest rice shippers, have raised export forecasts this year after farmers planted more in response to higher prices.

According to the Indian Agricultural ministry, farmers in India planted rice on 37.35 million hectares (92 million acres) as of Sept. 18, 3 % more than a year earlier as rains progressed. India aims to boost this year's winter-sown rice output 2.8 % to 14 million MT.