India may have ample wheat by April

India, importing wheat for a second year, expects to have more than sufficient reserves of the grain by April, likely to reduce the pressure on the nation to buy more from overseas at record prices.

Reserves at state warehouses may total 5.5 million tonnes by April 1, more than the mandatory requirement of 4 million tonnes, Alok Sinha, chairman of Food Corp of India, said in an interview in New Delhi on Monday.

A reduction in purchases by the South Asian nation may cool wheat prices in Chicago, which have risen 76 per cent in the past year. India has since July imported 1.64 million tonnes at record prices to build its reserves.

The country's government had 9 million tonnes on November 23, enough to meet demand for nine months, said Sinha. It needs 1 million tonnes each month to distribute to the poor and for welfare programs. Food Corp is the nation's biggest buyer of grains from farmers.

Wheat futures traded on the Chicago Board of Trade reached a record $9.6175 a bushel on September 28 after adverse weather cut global output.

Wheat for delivery in March traded at $8.83 a bushel at 2 pm.

India was the world's third-biggest wheat importer in the year ended June 1, with purchases of 6.7 million tonnes, according to the US Foreign Agricultural Service.