October 24, 2006

India wheat stocks down 37.7 percent on-year despite imports

India's wheat stocks as of Oct 1 had declined to 6.41 million tonnes from 10.29 million tonnes a year earlier, a 37.7 percent drop, the latest government data showed Monday (Oct 23).

India plans its imports of wheat on the basis of these stock levels.

Ongoing arrivals of imported wheat--purchased between February and July-- estimated at 2.01 million tonnes as of Oct 19 have somewhat stemmed the decline in wheat stocks.

As of Sep 1, India's wheat stocks were estimated at 6.72 million tonnes.

However, stocks of wheat in government granaries are still lower than the minimum buffer rule of 11 million tonnes for Oct 1.