India has accumulated record rice stocks and the largest wheat stocks in three years

India’s wheat stocks rose 57% to a three-year high of 11.8 million tonnes at the start of the new agricultural year, well above the government’s target of 7.46 million tonnes and easing the risk of shortages that have previously sent domestic prices soaring. Even if state-run food corporation FCI misses its procurement target this year, the government will have enough stock to stabilise prices, Reuters reported.

In 2025, FCI plans to buy 31 million tonnes of wheat from farmers. Last year, it had targeted 30-32 million tonnes, but only 26.6 million tonnes were actually bought due to poor harvests. This has fuelled speculation of a potential wheat export, the first in more than seven years, but the government has so far refrained from doing so. This year’s procurement campaign has started strongly, showing a higher pace than the same period in 2024.

At the same time, India has reached a record high of 63.09 million tonnes of rice (including unhusked rice), several times higher than the government’s target of 13.6 million tonnes. This creates the conditions for increasing exports without jeopardizing domestic supplies. According to traders, the government can focus on stimulating exports to avoid excessive purchases of the new crop.

India remains the world’s largest rice exporter, supplying about 40% of the global market. Thanks to strong government reserves, the country maintains flexibility in foreign trade, especially against the backdrop of geopolitical uncertainty and inflationary pressures on food markets.

Record wheat and rice stocks this season not only stabilize the market, but also give India a strategic advantage to further influence global grain prices. This strengthens the country’s position as a key player in the international agricultural market.

Tags: rice, wheat, India, stocks