Historical minimum of wheat stocks in India over the past 7 years

According to the Indian government, by early December the country's main wheat stocks stood at 19 million tons, the highest level in the last 7 years.

However, taking into account considerations, this volume of reserves is sufficient to prevent a possible sharp increase in prices on the foreign market.

Local traders point out that Indian farmers have already sold their stocks, so milling countries are buying wheat through tenders held by the Indian Food Corporation.

It is expected that by the beginning of the new season, from April 1, 2024, wheat stocks in the country will decrease to 6 million tons, which is below the norm for this period, which is 7.46 million tons.

Indian farmers are waging a sowing war in an effort to increase wheat acreage, but dry weather conditions have led to soil moisture deficits and lower water levels in reservoirs, which could prevent a change from last year's production levels.