Govt wheat inventory at 33.1 mln tn as of Nov 1, up 38.5% on year

The government had 33.1 mln tn of wheat in its central pool as of Nov 1, up from 23.9 mln tn in the year-ago period. The nearly 10-mln-tn rise in stocks is primarily because of robust procurement this year. In the season started April, the government procured 35.8 mln tn of wheat, around 16% higher on year. The sharp rise in procurement this year can be attributed to a higher minimum support price. For the 2018-19 marketing season (Apr-Mar), the government fixed the support price for wheat at 1,735 rupees per 100 kg, up from 1,625 rupees last year. Procurement was higher in all producing states, especially in Punjab, Haryana, Uttar Pradesh, and Madhya Pradesh.