India's rice stocks hit record high, wheat reserves deplete
rice stocks hit a record high at the start of January, reaching eight times the government's target, while wheat stocks continued to deplete as traders urged the government to increase wheat sales amid market shortages.
Higher rice stocks would enable the world's biggest exporter of the staple to accelerate exports. However, dwindling wheat stocks will likely deter the government from releasing more stock to bulk consumers.
Rice reserves in state granaries, including unmilled paddy, totalled 60.9 million metric tons of Jan. 1, compared to the government's target of 7.6 million tons, data compiled by the Food Corporation of India showed.
Meanwhile, wheat stocks as on Jan. 1 stood at 18.4 million tons against a targeted 13.8 million tons, but were far below the five-year average of 26.7 million tons.
Rice stocks have reached an alarmingly high level, said an exporter based in Kakinada in the southern state of Andhra Pradesh.
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