India's wheat stocks ample

India has reported wheat stocks at the start of the new marketing year (Apr 1st) at 5.5mmt, 1.5mmt more than the government's recommended mininum requirement of 4.0mmt.

It's purchases so far for the new crop marketing year stand at just 100,000mt. With the country's harvest in full swing expected to produce a crop of around 75mmt, and wheat apparently flooding into government owned warehouses after increasing the price paid to Indian farmers, it looks like India aren't going to be rushing to make any purchases on the world market anytime soon.