India’s wheat stocks in state-run inventories depleted to a 16-year low as the central government sold record quantities to augment domestic supplies and rein in rising prices amid poor crop yields during two previous seasons.Wheat stocks in government warehouses were at 7.5 million mt at the start of April, down from 8.4 million mt a year ago, an official at the Food Corporation of India told S&P Global Commodity Insights.Over the past decade, wheat stocks on April 1 averaged 16.7 million mt.Despite the sharp fall in stocks, the government was able to meet the buffer and strategic reserve norms that mandate holding wheat stocks at or above 7.46 million mt April 1.Recently, it has ordered mandatory declaration of wheat stocks available with traders, private warehouses, retailers and processors on a government-managed portal effective April 1 and every Friday thereafter, in a bid to ensure availability and prevent hoarding.India has also provided repeated extensions to the scheme of distribution of free food grains to over 810 million beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana for five years effective Jan. 1, 2024, has dampened the prospects for wheat and non-basmati rice exports in 2024.