The Indian government has indefinitely extended the requirement for the wheat industry to declare their stock positions, which was initially set to expire on March 31. Traders, wholesalers, retailers, and processors are mandated to declare their stocks on a portal every Friday starting from April 1 until further notice.
Private wheat industry and trade are eyeing Uttar Pradesh, currently the source of the cheapest wheat in India, as the central government s wheat stock is expected to fall below the buffer norm on April 1 for the first time in over a decade. However, they may have to wait before refilling their silos until the government meets its procurement targets. The government has signaled to the industry not to hoard wheat during the arrival season to allow for procurement. While the new crop will start arriving in April, larger volumes are expected after mid-April.
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