India’s wheat stocks highest in 3 years, rice hits record

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 ...