Despite a normal monsoon forecast, India's foodstocks are pegged to register a further decline to 244 lakh tonnes by January 1 next year compared to an estimated 311 lakh tonnes in the current month.

According to the latest official estimates, wheat stocks put at 198 lakh tonnes on July 1 will decline to just about 109 lakh tonnes by January 1, 2005.

"Our projection, even if monsoon is normal is of decline in stocks to 244 lakh tonnes in the beginning of next year against 250 lakh tonnes in the same period last year," official sources told PTI.

They, however, said rice stocks are expected to rise to 135 lakh tonnes on January 1, compared to 117.27 lakh tonnes on the same day this year. The projection is based on a possible procurement of over 100 lakh tonnes rice during the October-December period.

Officials said the actual stocks may be lesser in event of deficient rains or drought since the fate of monsoon looks "highly uncertain" at present.

Stocks will also depend on offtake by various states which will rise in event of a drought, they added.

Despite an all time high rice procurement this year, stocks at 70 lakh tonnes are pegged to be just over the buffer stock requirements of 65 lakh tonnes on October 1.

Wheat stocks estimated to be 151 lakh tonnes on October 1, will also be lower than 184 lakh tonnes on the same day last year. Total stocks would be 221 lakh tonnes on the day, one of the lowest in six years.