India on course to bumper harvest; wheat acreage touches record high

India's rabi sowing has reached new records this year on the back of strong post-monsoon showers which have ensured adequate soil moisture reducing farmers' expenditure on irrigation

India is on course for a bumper harvest in 2019-20 unless weather plays spoilsport during final harvest stage as the latest data shows that acreage under rabi foodgrains has risen to multi-year highs of 64.13 million hectares, up 5.07 million hectares from same period last year and even more than average acreage of last five years.

This could further aggravate the precarious stock position which as on January 1, 2020 rose to a record high of over 75 million tonnes. 

This comes at a time when cereals are seeing a uptick in prices pushing the food inflation further and one