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India’s wheat stocks rose 57% to a three-year high of 11.8 million tonnes at the start of the new agricultural year, well above the government’s target of 7.46 million tonnes and easing the risk of shortages that have previously sent domestic prices soaring. Even if state-run food corporation FCI misses its procurement target this year,

India’s wheat stocks in government warehouses surged 57% to a three-year high at the start of the new crop year this month, official data showed, easing supply concerns that drove domestic prices to an all-time peak earlier this year. Higher opening stocks will help the federal government tame any price spikes later this year, even if the Food Corporation of India (FCI), the state stockpiler, struggles to meet its domestic wheat procurement target. Wheat reserves in state granaries stood at 11.8 million metric tons on April 1, well above the government’s target of 7.46 million tons, the data showed. Wheat stocks are more than 4 million tons higher than at the same time last year. “Even if they miss this year’s wheat buying target like they did last year, they’ll still have plenty to sell in the open market,” said a New Delhi-based dealer at a global trading firm. The FCI aims to buy 31 million tons of wheat from farmers in 2025. Last year, it targeted 30–32 million tons but ...

India has bought 2.08 million metric tons of new-season wheat from domestic farmers since March 15, up 44.4% from last year, government sources said, indicating a robust crop that will help New Delhi shore up its depleted reserves and avoid imports. The government-backed Food Corporation of India (FCI) has primarily purchased early varieties of wheat from the central state of Madhya Pradesh. FCI’s wheat procurement period has gotten off to a strong start and is expected to gather steam in the coming weeks as harvests from bread-basket states such as Haryana, Punjab, and Uttar Pradesh start to trickle into the market. The initial trend of FCI’s wheat procurement indicates a strong wheat crop this year, said the sources, who did not wish to be named as they were not authorised to talk to the media. Both harvests and FCI’s purchases are expected to be satisfactory this year, they said. “Farmers are getting better prices from the government because Madhya Pradesh is giving them a ...