Record wheat harvest boosts supply in Asia.

Agricultural production is expected to reach a new level in 2026/27, but the effects of irregular rainfall and the need to increase the supply of vegetable oils bring contrasts to the Asian agricultural landscape.

In India, the total harvest is estimated at 357.7 million tons, up 5.31 TP4T from the previous season, according to the Foreign Agricultural Service (FAS) of the United States Department of Agriculture. Wheat is expected to reach 120.6 million tons, compared to 117.9 million in 2025/26, marking the fourth consecutive record harvest.

With high stock levels, the government has eased restrictions on exports imposed in 2022. The monitored quota system allows for the export of 2.5 million tons of wheat and 1 million tons of wheat derivatives. Shipments are expected to go mainly to neighboring countries and Southeast Asia.

Performance is less favorable for soybeans, corn, and rice, affected by the irregularity of the monsoons. Soybean production has been revised to 9.6 million tons, while crushing is expected to total 8.7 million tons. For corn, the forecast is 50 million tons, down from 55 million tons last season. For rice, the estimate has fallen to 147 million tons.

For the Brazilian market, the highlight is soybean oil. India projects importing 5.6 million tons in 2026/27, with Brazil and Argentina identified as the main suppliers. Domestic oil production is estimated at 1.6 million tons, compared to a projected consumption of 7.5 million tons.

The country is also expanding its storage infrastructure, with 180,000 tons of capacity built across 313 agricultural credit companies, seeking to reduce losses and logistical costs.