Govt Feb 1 wheat stocks at 17.5 mln tn vs 11.5 mln tn year ago.

Govt had 17.5 mln tn of wheat in its stocks as of Feb 1, up 52.2 % from a year ago. Central pool wheat stocks are higher this year due to a larger procurement in 2017-18 (Apr-Mar) marketing year and subdued sales under the government’s open market scheme. The government procured 30.8 mln tn wheat this marketing year, up 35% from a year ago, after farmers in the country harvested a record 98.4 mln tn of the food grain in 2016-17 (Jul-Jun). For 2018-19, the government has set a wheat procurement target of 32.0 mln tn, higher than the quantity procured last year but less than the targeted 33.0 mln tn for 2017-18.