Agri Picks Report June 25, 2024: Geojit Financial Services

Geojit Financial Services's report on Daily Agri Picks

The government has imposed a stock limit on wheat for wholesalers, retailers and other trade entities with effect from today, Food Secretary Sanjeev Chopra said. The stock limit will be in place till Mar 31, 2025, he said at a press conference. The stock limit on wheat for wholesalers will be at 3,000 tn, while for retailers it will be at 10 tn. For big chain retailers, the stock limit will be at 10 tn per outlet and for processors it will be 70% of their monthly installed capacity multiplied by remaining months of the current fiscal.

"These stock limits on wheat will be reviewed as per requirement," Chopra said. At depots, the stock limit will be at 3,000 tn. The above entities have been asked to disclose wheat stock position every Friday on the portal of the Department of Food and Public Distribution, Chopra said. He clarified that there is no shortage of wheat in the country, and stock limits have been imposed amid reports of hoarding by traders. The opening stock of wheat as of Apr 1 was 7.5 mln tn, which is 700,000 tn lower than last year's balance, Chopra said. He said as this year's procurement is already 400,000 tn higher than 2023 at 26.6 mln tn, the effective shortfall is only 300,000 tn this year.

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