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India's wheat stocks have surged to a three-year high, rising 57% year-on-year to 11.8 million metric tons as of April 1, easing supply concerns that had previously driven prices to record highs. The Food Corporation of India (FCI) also began the 2025 procurement season strongly, improving chances of meeting its ambitious 31 million ton wheat target. Meanwhile, rice stocks, including unmilled paddy, hit a record 63.09 million tons—more than four times the government’s target. These robust reserves are expected to stabilize prices and allow for potential rice exports without jeopardizing domestic supply, providing much-needed relief for markets after years of weak harvests and procurement challenges.

Key Highlights

* Wheat stocks jump 57% to a three-year high at 11.8 million tons.

* Rice reserves hit record 63.09 million tons, exceeding targets.

* FCI’s 2025 wheat procurement is off to a strong start.

* Last year’s wheat procurement fell short despite high targets.

* Surplus stocks to stabilize prices and support export opportunities.

India has begun the new crop year on a strong note, with wheat and rice stocks in government warehouses showing significant improvement. Wheat reserves surged by 57% to reach 11.8 million metric tons as of April 1—marking the highest level in three years. This build-up comes as a relief after years of dwindling harvests and underwhelming procurement efforts, which pushed wheat prices to historic highs earlier in 2024.

The increased availability is expected to help stabilize domestic prices and ease inflationary pressures. The Food Corporation of India (FCI), the central agency responsible for grain procurement, has set a wheat purchase target of 31 million tons for 2025. Encouragingly, this year’s procurement drive is ahead of last year’s pace, when the FCI managed only 26.6 million tons despite a similar target.

The availability of higher opening stocks—4 million tons more than the same period last year—provides the government with a buffer to control price volatility, even if actual procurement slightly lags the target again. This has also quieted earlier speculation about India potentially importing wheat for the first time in seven years.

In parallel, rice reserves have hit a record high of 63.09 million tons, including unmilled paddy. This figure massively overshoots the government’s buffer stock target of 13.6 million tons. The abundant rice stockpile not only secures domestic food security but also opens up opportunities for India to boost exports without straining local supplies.

Finally

India’s robust wheat and rice reserves provide price stability, food security, and export potential—offering welcome relief after years of tight supplies and volatile grain markets.

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