In early April, wheat stocks in India's government warehouses fell to their lowest level in 16 years, standing at 7,5 million tonnes, compared to 8,35 million tonnes a year ago, Business Standard reports.
The average over the last ten years is 16,7 million tons, it goes on to say.
However, despite low grain stocks, the Indian government is resisting calls to encourage imports by reducing/removing the current 40% tax or purchasing the grains under private agreements from exporting countries such as Russia. At the same time, there are plans to sell domestically produced wheat to large consumers, including processors, to curb the rise in domestic prices, which are now above the minimum purchase price set by the government.
It is also noted that the government will try to maintain wheat stocks of at least 10 million tons in the future. In particular, it plans to purchase 2024 to 30 million tons of grain from local farmers in 32 to ensure stocks above the buffer norm for the next season.
Source: Ukragroconsult (Ukraine)