India Wheat Stocks Plummet to Lowest in 15 Years

12.02.2024 16:45 "Agro Perspectiva" (Kyiv) — According to the report of the USDA Grain: World Markets and Trade (February 2024), India is coming to the end of marketing year 2023/24 (April 2023-March 2024) with historically tight government-held wheat ending stocks. India is the third-largest producer and consumer of wheat, behind China and the European Union. The government maintains domestic support programs for

producers and subsidies for the vast majority of consumers. The Food Corporation of India procures wheat from producers and maintains government stocks for public distribution programs. Notably, government-held stocks this January plummeted to the lowest level since 2017. In addition to the higher

offtake for food security programs, the government has been rapidly auctioning stocks to the open market in an effort to quell high cereal price inflation. The 2023/24 ending stocks (as of April 1, 2024) are now forecast at the lowest in 15 years and only slightly above the government’s minimum desired

buffer stocks level.

India has been mostly absent from global wheat trade as its stocks tightened. Despite rising domestic wheat prices, the Indian government has imposed an import tariff of 40 percent since April 2019. The tariff has made imported wheat largely uncompetitive. However, as domestic prices have risen, recent

shipments of wheat to India have been reported from such exporters as Australia, the European Union, and Canada. India’s upcoming harvest in March and April will alleviate some of the current tightness in supplies.

While a marginal player in the global market in 2023/24, India has made erratic moves in the global wheat market previously. India’s engagement in international trade has vacillated with its stock levels.

When stocks were robust in 2021/22, India quickly rose to become the seventh-largest exporter (accounting for 5 percent of global trade) as its prices became competitive following the start of the war in Ukraine. But when India’s production was lower than expected in 2022/23, the government imposed

an export ban on wheat grain, and exports of wheat and wheat products have since fallen sharply.

31.03.2025
	15:58	First Ukrainian companies take advantage of new war risk insurance facility supported by EBRD
13.03.2025
	07:39	Global wheat production is estimated at 796 MMT in 2025
	07:33	Early wheat production prospects for 2025 point to potential increase
	03:35	The FAO Food Price Index rose in February 2025, driven by higher sugar, dairy and vegetable oil prices
12.03.2025
	06:47	European Union Soybean Meal Imports to Reach 9-Year High
11.03.2025
	20:14	EU Wheat Exports Fall to Lowest Level in 6 Years
07.03.2025
	16:14	EBRD extends new guarantee to OTP Leasing Ukraine to unlock EUR160 million of new finance
27.02.2025
	08:34	EBRD revises down Ukraine’s 2025 growth forecast
26.02.2025
	10:01	Pistachios. Global production for 2024/25 is forecast to rise 7 percent to 1.2 million metric tons
	09:47	An ambitious vision for agriculture that seeks to reconnect with on-the-ground realities cannot ignore the debate on the CAP budget
19.02.2025
	10:43	“Bold investments” needed to address challenging nutritional burden in Africa, FAO says
	07:13	Green Climate Fund greenlights two major FAO-led projects to strengthen climate resilience in Kenya and Serbia
12.02.2025
	10:01	China Corn Imports Fall on Weaker Domestic Demand
	09:06	China’s Imported Oilseed Meal Supplies Shift Slightly to Mid-Protein Meals
08.02.2025
	18:20	Cereal stocks set to decline in 2024/25 due to anticipated reductions in wheat and maize inventories
	18:00	FAO Food Price index declined in January 2025, mostly due to lower sugar, vegetable oil and meat prices
06.02.2025
	16:28	Ukraine considers SCZone site for food hub in Egypt – ministry
	16:16	Since the beginning of 2025, 549 agricultural enterprises have received UAH 2.3 billion under the Affordable Loans at 5-7-9 programme published
03.02.2025
	23:55	Ukraine's Ministry of Agrarian policy allocates sugar export quotas to EU
31.01.2025
	17:20	Global orange production for 2024/25 is forecast down 662,000 tons to 45.2 MT
	17:15	Argentina Lemon/Lime Exports Continue to Decline
24.01.2025
	16:38	Ukraine’s agricultural sector earned $24.5 bln in 2024, setting second historical record
23.01.2025
	15:46	Eurobarometer survey shows strong support for the Common Agricultural Policy (CAP)
22.01.2025
	20:54	Since the beginning of 2025, 117 agricultural enterprises have received UAH 318.7 million under the Affordable Loans at 5-7-9 programme
	20:43	Ukrainian agricultural land needs to be cleared and returned to circulation as soon as possible
21.01.2025
	21:45	A groundbreaking new study, “Governance and resilience as entry points for transforming food systems in the countdown to 2030”. Key Findings
	21:37	Nitrogen use efficiency must be improved to reduce harm to human and environmental health
11.01.2025
	11:16	Russia Grain Export Quota to Curb Wheat Exports in 2025
	09:12	Iraq Emerges as a Soybean Importer
08.01.2025
	22:13	FAO Food Price Index dips during the month of December
	18:49	FAO calls for urgent action to address widening famine in Sudan
22.12.2024
	05:26	FAO transfers 185 generators, 6,474 grain hoses to Ukrainian farmers in 2024
	03:53	The EU agri-food trade surplus increased by 15% in September 2024, reaching EUR 6 billion
19.12.2024
	09:05	World coffee production for 2024/25 is forecast 6.9 million bags higher
18.12.2024
	23:11	China’s Expanding Coffee Consumption
17.12.2024
	22:37	Bangladesh Soybean Import Recovery Expected to Continue
14.12.2024
	21:03	World apple production for 2024/25 is forecast to fall nearly 350,000 tons to 84.0 million
13.12.2024
	09:11	U.S. Fresh Pear Exports Fall on Historically Low Harvest
10.12.2024
	21:03	Indonesia Grain Imports to Subside after 2023/24 Record
	08:14	Higher vegetable oil quotations drive up FAO Food Price Index, but lower cereal and sugar prices temper the rise
	07:45	Cereal trade revised downwards amid weaker demand
02.12.2024
	23:17	Prime Minister: Some 50 partner countries have joined the humanitarian demining coalition
	22:56	Norway pledges additional $4.5 mln to Ukraine's Grain from Ukraine initiative
01.12.2024
	03:30	EU agri-food trade slowed down in August 2024
26.11.2024
	00:06	Global sugar production, compared to last year, is estimated up 2.8 million tons to 186.6 million
24.11.2024
	04:43	During the Operation of Our Grain From Ukraine Program, We Have Managed to Save 20 Million People from Hunger – Zelenskyy
	04:15	Ukraine Is Ready to Share Technologies, Military Experiences and Processing Methods with African Countries – the President
22.11.2024
	10:15	South Africa Sugar Production and Exports Estimated Down
19.11.2024
	23:04	Global Olive Oil Production Forecast to Rebound in 2024/25
	22:47	Vitalii Koval discusses Ukraine's European integration with European colleagues