The Debts of the Lenders: Indian Minister Denies Need to Import Food

Speculators hoping to make quick money on hoarding rice, wheat, and other staple grains were disappointed by word from Indian authorities that there would be no need to import foodgrains despite a horrendous harvest season. Farmers depend on seasonal monsoon rains to deliver much needed water to their fields. Unfortunately, this year the rains came too little and too late resulting in widespread drought. Sparse growing conditions contributed to price appreciations in other agricultural sectors like sugar, which reached 30 year highs earlier this September.

Instead of India, speculators should be eyeing another country to sell their products too: the Philippines. Typhoon Pepeng didn't really hit the country but earlier storm systems drenched Manila, the capital, as well as other parts of the country with torrential rains just a few days ago.
Crops are affected and there are talks going on about food shortages/rationing.

India Min: No Need To Import Foodgrains Despite Erratic Rains

India does not need to import foodgrains, as it has sufficient stocks to meet domestic requirements despite erratic monsoon rains that caused drought and then flooding during the
summer, Junior Agriculture Minister K.V. Thomas said Wednesday on the sidelines of a conference.

India’s current stocks of wheat stand around 32.6 million metric tons, while those of rice are at 25.3 million tons. Scanty rains in the first two months of the monsoon season that began June 1 hit summer-sown crops such as rice and oilseeds. Floods in parts of the country during the end of the season in September further affected standing crops.

Source: CME News for Tomorrow