India's Wheat Stocks Highest in 3 Years

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.

- Reuters

MUMBAI:

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 tonnes on April 1, well above the government's target of 7.46 million tonnes, the data showed.