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Informist, Tuesday, Nov. 12, 2024

 

--FCI: Food grain stocks 52.0 mln tn as on Nov. 1 vs 41.9 mln tn yr ago 

--FCI: Wheat stocks at 22.3 mln tn as on Nov. 1 vs 21.9 mln tn yr ago 

--FCI: Rice stocks at 29.7 mln tn as on Nov. 1 vs 20.0 mln tn year ago

 

MUMBAI – The government's wheat stocks with Food Corp of India were at 22.3 million tonnes as of Nov. 1, nearly 2% higher from a year ago, according to data from the nodal food procurement agency. The on-year rise was the first in 11 months. However, the stocks were down 6.4% from 23.8 million tonnes in October, the data showed. 

 

Wheat stocks were also above the buffer norms for this quarter. According to buffer norms, the minimum wheat stocks for Oct-Dec should be 20.52 million tonnes – operational stock of 17.52 million tonnes and strategic reserve of 3 million tonnes. The government sets the buffer requirement of food grains for every quarter, and the FCI has to maintain the mandated level.

 

As of Nov. 1, total food grain stocks with the FCI were 52.0 million tonnes, down 5.3% on month, but up nearly 24% on year. On Nov. 1 2023, food grain stocks with the FCI were 41.9 million tonnes, according to the data. 

 

Meanwhile, rice stocks at the Centre's pool were at a 20-year high of 29.7 million tonnes as of Nov. 1, up 48% on year, but down 4.4% from the previous month, the data showed. 

 

Amid ample rice stocks with the Centre and higher than normal paddy acreage in the kharif season, the government in October removed curbs on exports of non-basmati white rice, parboiled rice, brown rice, and paddy. In July 2023, the government had first prohibited the export of non-basmati white rice due to concerns over lower paddy acreage and to control soaring rice prices.

 

Along with removing the curbs on rice exports, the government also allowed ethanol distilleries to participate in FCI's weekly auctions amid high stocks. It allowed distilleries to buy a maximum of 2.3 million tonnes of rice. In an effort to reduce stocks, the Centre also allowed states to buy the grain directly from the FCI through open market sales, without participating in the electronic auction.

 

The current rice stocks are far above the Oct-Dec buffer norm of 10.25 million tonnes – operational stock of 8.25 million tonnes and strategic reserve of 2 million tonnes.  End

 

Reported by J. Navya Sruthi

Edited by Avishek Dutta

 

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