Foodgrains stocks up by 21% to 71.21 MT as of May 1, 2012

As per the Food Corporation of India (FCI), the government’s foodgrains stocks increased by 21% to 71.21 million tonnes as of May 1, 2012 from 59.2 million tonnes in the year-ago period. FCI, the nodal agency that undertakes procurement and distribution of foodgrains, has maintained maximum foodgrains stock in northern and southern parts of the country.

Wheat stocks increased to 38.19 million tonnes (MT) from 31.37 MT a year earlier. Rice stocks rose to 33 MT from 27.76 MT.  Wheat and rice stocks with the government are much higher than the required norm of 21.2 MT as of April 1.

The government’s grains inventory has increased mainly on the back of record production and procurement in last few years. This year too, the FCI is aiming to buy a record 35 MT of rice and 32 MT of wheat. The country is on the edge for an all time record harvest of rice and wheat at 102.75 MT and 88.31 MT, respectively, this year.