As we look ahead, rice prices are likely to be range-bound in the next few months, with plenty of rice for sale from India, Vietnam, Thailand, and Pakistan. The dryseason rice crop looks good in most countries, except India. The country’s initial estimates by the Ministry of Agriculture suggest an 11% decline in rice area from 3.25 million hectares in 2012 to 2.9 million hectares this year because of shifting to oilseeds and pulses in some areas. But, this is unlikely to cause any problems as India’s rice procurement stocks remain in excess of 30 million tons. This is more than twice what the government has prescribed as the desired buffer norm and strategic reserve.