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FCI rice stock hits 5-year high at 25 million tonnes

According to the official Second Advance Estimates, the country's rice output is estimated at 111.01 mt for 2017-18, a record

Dilip Kumar Jha  |  Mumbai 

A rice trader waits for customers at a market in the Bangladesh capital Dhaka

stocks with Food Corporation of India’s (FCI’s) central pool reached 25 million tonnes (mt) at end-April, the highest since 2013.

As of Monday, the total of with it and its other nominated agencies was 32.96 mt, a third from (11.83 mt). Wheat procurement is at 29.67 mt, with plans to buy another two to three mt.

“Although the stock is relatively high, it is not at an alarming level. We require 32 mt of rice and 36 mt of wheat in our central pool for one year of distribution need, through the (PDS). We are planning to start open market sale (OMS, of rice) in June to deal with such a high stock,” said R P Singh, executive director.

Since January, has added at least eight mt of rice stock in its central pool. Market sources says there has been slow pick-up from states, due to high output of other cereals.

According to the official Second Advance Estimates, the country's rice output is estimated at 111.01 mt for 2017-18, a record. It was 109.7 mt in 2016-17.

FCI rice stock hits 5-year high at 25 million tonnes
“We have dealt with such a high inventory in the past and, hence, it will not be a problem to handle,” said Singh.

In April 2017, rice stocks in FCI’s central pool were 23.08 mt; wheat was eight mt.

The central government-owned agency also procures unmilled paddy and other coarse grain — 7.72 mt and 0.1 mt, respectively, at present in stock.

First Published: Tue, May 08 2018. 00:21 IST
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