<p>New Delhi: Wheat stocks maintained by the Food Corporation of India (FCI) have dropped by 4.7 per cent to 29.91 million tonnes as of June 1 from 31.39 million tonnes on the corresponding date last year.</p>.<p>However, rice stock increased by 21.8 per cent to touch 50.46 million tonnes against 41.42 million tonnes in 2023.</p>.<p>Higher stocks of rice than wheat would help the government to manage foodgrain requirements of various programmes, said an official in the Food Ministry.</p>.<p>However, wheat prices have shot up by 7 per cent since the last one week.</p>.<p>Notably, the Centre failed to achieve its wheat purchase targets in 2022 and 2023, followed by a slow start to this year's purchases.</p>.Wheat procurement exceeds last year's total amid robust northern state supplies.<p>The government had banned wheat exports in 2022 despite a rise in export demand as the Russia-Ukraine conflict led to a global shortfall.</p>.<p>This year, the Centre has set a target of 37.2 million tonnes., and the procurement time has been extended till June 22.</p>.<p>The central government sold wheat in the open market several times over the year to control prices. This led to a reduction in government stocks, said the official.</p>.<p>With IMD predicting a normal monsoon, the government is expecting bumper crops this year.</p>
<p>New Delhi: Wheat stocks maintained by the Food Corporation of India (FCI) have dropped by 4.7 per cent to 29.91 million tonnes as of June 1 from 31.39 million tonnes on the corresponding date last year.</p>.<p>However, rice stock increased by 21.8 per cent to touch 50.46 million tonnes against 41.42 million tonnes in 2023.</p>.<p>Higher stocks of rice than wheat would help the government to manage foodgrain requirements of various programmes, said an official in the Food Ministry.</p>.<p>However, wheat prices have shot up by 7 per cent since the last one week.</p>.<p>Notably, the Centre failed to achieve its wheat purchase targets in 2022 and 2023, followed by a slow start to this year's purchases.</p>.Wheat procurement exceeds last year's total amid robust northern state supplies.<p>The government had banned wheat exports in 2022 despite a rise in export demand as the Russia-Ukraine conflict led to a global shortfall.</p>.<p>This year, the Centre has set a target of 37.2 million tonnes., and the procurement time has been extended till June 22.</p>.<p>The central government sold wheat in the open market several times over the year to control prices. This led to a reduction in government stocks, said the official.</p>.<p>With IMD predicting a normal monsoon, the government is expecting bumper crops this year.</p>