The Central government's Department of Food and Public Distribution is keeping a close watch on the price of wheat and has sufficient stocks of the cereal which can be released to cool down the market in case the price starts moving up, according to a statement issued on Thursday.

Besides, the government is ready with an action plan to ensure that there is no hoarding by unscrupulous elements to drive up prices.

During the ongoing rabi marketing season this year, production of 112 million tonnes of wheat. Food Corporation of India (FCI) has procured approximately 266 lakh metric tonnes (LMT) of wheat till June 11 during the current marketing season.

"After meeting the requirement for the Public Distribution System (PDS) and other welfare schemes, which is approximately 184 lakh metric tonnes, sufficient stock of wheat will be available to undertake market interventions, as and when required," the Food Department said.

Buffer stocking norms vary for each quarter of the year. As of January 1, 2024, the wheat stock was 163.53 LMT against the prescribed buffer norm of 138 LMT.

The wheat stock has at no point in time dipped below the quarterly buffer stock norms.

In addition, at present, there is no proposal to alter the duty structure on imports of wheat, the statement added.