Indian Wheat Stock Down 49.8% YoY in December 2022

In India, the world's second largest wheat producer, the amount of wheat stored in state silos fell to the lowest level in the last six years. Wheat reserves in state warehouses, which were 37.85M MT on December 1, 2021, decreased by 49.8% to 19M MT at the beginning of December 2022. December stocks are at their lowest level since 2016, when they fell to 16.5M MT due to consecutive droughts in 2014 and 2015 that reduced wheat production. Wheat prices have risen to record levels due to increasing demand and falling stocks in the country.