Wheat inventory with FCI lowest since 2018, however larger than buffer norm

NEW DELHI: Wheat inventory with Meals Company of India (FCI) has dropped under 100 lakh tonne for the primary time since 2018, falling to 97 lakh tonne this month, as a result of low procurement throughout previous two years and report sale of the cereal in open market to maintain costs underneath examine. Nevertheless, in case of rice shares, FCI is at the moment holding greater than 4 occasions the buffer norm.Regardless of wheat inventory plummeting, even at present degree, it’s larger than statutory buffer inventory requirement at this level of time. As per norm, in April, FCI will need to have 74.6 lakh tonne of the foodgrain.”The stock is enough to meet National Food Security requirement and it’s more than the buffer norm. Procurement season has also started from March 1 and we are expecting much better procurement than past two years,” mentioned an official.Govt has estimated wheat procurement to be round 320 lakh tonne and can put govt in a snug place.In June 2023, govt began promoting wheat in open market to extend its availability and examine costs. By Feb finish, FCI had offered over 90 lakh tonne as market intervention. Open market sale has been discontinued since public procurement has began. In case of rice, present inventory with FCI is round 270 lakh tonne, excluding near 30 lakh tonne of grain receivable from millers. As per buffer norms, FCI should maintain round 136 lakh tonne rice as on April 1.

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