Wheat stock held by the Food Corporation of India (FCI) fell by nearly 4% month-on-month, marking the fifth consecutive monthly decline since June. Despite this, stocks are still around 32 million tons 35% higher than last year which is considered the highest in the past four years. Since June, the government has been completing the wheat procurement process and starting distribution, which naturally reduces the stock. Currently, the country holds much more than the buffer norm of 20.5 million tons, comprising 17.5 million tons of operational stock and 3 million tons of strategic reserves. This surplus is the result of strong government procurement and high minimum support prices (MSP). This year, the government procured 30.1 million tons of wheat for the Rabi marketing season 2025-26, compared to 26.6 million tons last year. Despite these high stocks, the government is not inclined to open wheat exports; however, some wheat flour exports have been allowed on a contract basis. The government is still aiming to keep domestic prices under control. The wheat export ban imposed in May 2022 and the restrictions on wheat products from August 2022 remain in effect. According to market sources, in many places, spot prices have reached the season’s lowest levels, and in some markets, they have fallen below OMSS (Open Market Sale Scheme) rates. Therefore, the government is unlikely to start new OMSS sales immediately, as the market is already under pressure. If wheat prices go out of control, the government can sell wheat in the open market at any time to stabilize prices.