Wheat: Stocks
How much wheat sits in silos between harvests
What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.Top five producers: production and stocks (USDA, 2026/27)
| Country | Production | Share | Ending stocks | Stocks-to-use |
|---|---|---|---|---|
| China | 141,000 | 17.1% | 119,200 | 79.5% |
| European Union | 133,000 | 16.2% | 11,720 | 8% |
| India | 121,000 | 14.7% | 29,500 | 26% |
| Russia | 88,000 | 10.7% | 19,090 | 23.5% |
| United States | 41,740 | 5.1% | 20,140 | 39.8% |
| World | 822,400 | 100% | 276,000 | 33.5% |
Stockholding and policy
India: buffer norms (Department of Food and Public Distribution, 2015) require central pool wheat of 7.46 Mt on 1 April, 27.58 Mt on 1 July, 20.52 Mt on 1 October and 13.80 Mt on 1 January, including a 3 Mt strategic reserve. Actual central pool wheat stocks were 21.79 Mt on 1 April 2026, almost three times the norm (Daily Pioneer citing FCI, 7 May 2026), 52.27 Mt on 1 July 2026 against the 27.58 Mt norm, and 47.99 Mt on 1 September 2026 (Business Today citing FCI, 8 Oct 2026). Procurement in RMS 2026-27 passed 35 Mt by early June 2026 against a 34.5 Mt target and about 30 Mt a year earlier (Daily Pioneer, 4 Jun 2026). The MSP is Rs 2,585/quintal for RMS 2026-27 and Rs 2,610 for RMS 2027-28 (Cabinet decisions; Business Today). USDA puts India's wheat stocks at 21.8 Mt at end-2025/26, rising to 29.5 Mt in 2026/27. FCI sells surplus through the Open Market Sale Scheme to cap flour prices. China: Sinograin holds state reserves bought at minimum purchase prices; China has 122.2 Mt, about 43% of world wheat stocks at end-2025/26 (USDA WASDE, Oct 2026).
Wheat stores for years in dry silos, so stocks carry the market between harvests. USDA's October 2026 WASDE puts 2025/26 world ending stocks at 281.6 Mt and stocks-to-use at 34.2%, up from 32.2% in 2024/25. Output of 844 Mt exceeds use of 823 Mt. China holds 122.2 Mt, about 43% of the world total, as state reserves. Outside China stocks are about 159 Mt. What matters most for prices is stocks in the big exporters. Geman describes the early 2000s, when consumption outran production for six years running and stocks fell (pdf p. 163).
World stocks (USDA)
| Season | Production | Use | Ending stocks | Stocks-to-use | of which China |
|---|---|---|---|---|---|
| 2024/25 | 799.1 | 808.4 | 260.4 | 32.2% | 49% |
| 2025/26 Est. | 844.1 | 822.9 | 281.6 | 34.2% | 43% |