FCI sold 5.40 lakh tonnes of wheat under OMSS in the fourth round of auction
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In the last three rounds, about 18.05 lakh tonnes of wheat was sold to bulk users under the Open Market Sale Scheme (OMSS) in an effort to bring down the retail prices of food grains and wheat flour. The next weekly e-auction will be held on March 8.
The Food Corporation of India (FCI) sold 5.40 lakh tonnes of wheat to bulk consumers like flour mills in the fourth round of e-auction held on Wednesday. In the last three rounds, about 18.05 lakh tonnes of wheat was sold to bulk users under the Open Market Sale Scheme (OMSS) in an effort to bring down the retail prices of food grains and wheat flour. The next weekly e-auction will be held on March 8. “A total of 11.57 lakh tonnes of wheat was offered and 5.40 lakh tonnes of wheat was sold to 1,049 bidders in 23 states,” said a government statement.
The all-India weighted average reserve price of wheat was sold at Rs 2,137.04 per quintal during the fourth auction. It added that the maximum demand was for quantity of wheat in the range of 100 to 499 tonnes. “The overall price quoted during the auction shows that the market is soft and wheat prices are averaging below Rs 2,200 per quintal,” the statement said. About 14.35 lakh tonnes of wheat was lifted. This means that the OMS sale has made a significant cooling effect on wheat and flour prices across the country, which are likely to remain stable with future tenders open for sale.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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