On Friday, the Government went ahead to raise its wheat crop estimate to a record level of 82 million tons, which is the second upgrade in a mere week, mainly on the back of favorable weather. The development has made it more likely that the country will be lifting a ban on exports now.

The current year's record wheat crop, which has come after three years of bumper harvest, will hike stocks to about 40 million tons by the time June rolls in, as has been shared by S. Nagarajan, a senior scientist at the farm ministry.

"We are heading for a record harvest of 82 million tons and if God blesses us, it can be even more. A good chill in January and mid-February is good for wheat. Punjab and Haryana look quite robust", he said.

India's leading wheat producing states, which also contribute greatly to Government stocks, are Punjab and Haryana.

Farm Minister Sharad Pawar also shared that there are good chances that the crop would be slightly higher than the previous year.