India Releases 5 Million Tons of Wheat to Stabilize Surging Prices

India is set to release 5 million metric tons of wheat and an additional 2.5 million tons of rice to bulk consumers, including flour millers, in a bid to enhance supply and stabilize the increasing prices of these essential staples. This move comes as a part of the country’s continuous efforts to manage supplies and curb the rising costs of both rice and wheat. In addition to previously implemented measures, such as export bans on specific rice types and imposed stock limits on wheat, India has sufficient wheat and rice stocks that can be utilized to maintain market equilibrium. As of the beginning of August, wheat stocks in government storage have risen from the previous year, emphasizing the country’s preparedness to handle supply-demand imbalances. Authorities caution against hoarding and capitalizing on anticipated price hikes, asserting that the government holds ample stocks. Furthermore, discussions are underway about potential changes to existing wheat import taxes and stock limits for traders.