Govt May 1 wheat stock down 11.8% on year at 27.7 million tonne.

The government had 27.7 million tonne wheat in its stocks at the beginning of this month, down 11.8% from 31.4 million tonne a year ago. The stocks are down despite a bumper crop this year as lower output in last two years had taken the government stocks to a multi-year low of 9.4 million tonne in March. The procurement target is higher as India’s wheat production in 2016-17 (Jul-Jun) is seen at 97.4 million tonne, up from 92.3 million tonne a year ago. So far, 28 million tonne wheat has been procured across the country, up nearly 24% on year.