FCI sells 4.91 lakh tn wheat to 970 bidders in 23 states in sixth e-auction
1 min read . Updated: 16 Mar 2023, 05:16 PM IST
PremiumIn the previous five rounds, about 28.86 lakh tonne of wheat were sold under OMSS to cool down retail prices of the foodgrain and wheat flour.
New Delhi: The Food Corporation of India sold 4.91 lakh tonnes of wheat to bulk consumers in the sixth round of e-auction under Open Market Sale Scheme (OMSS) on Wednesday, according to the food ministry.
“Total quantity of 10.69 lakh tonne wheat was offered from 611 depots across 23 states and 4.91 lakh tonne of wheat has been sold to 970 bidders," the ministry said in a statement.
In the previous five rounds, about 28.86 lakh tonne of wheat were sold under OMSS to cool down retail prices of the foodgrain and wheat flour.
Against the average reserve price of ₹2,140.46 per quintal, the weighted average selling price was ₹2,214.32 per quintal.
“In the 6th e-auction, quantities ranging from of 100 to 499 MT had maximum demand followed by quantities of 500-999 MT followed by 50-100 MT quantity bracket," the ministry said.
After the 6th e-auction, the cumulative sale of wheat under OMSS has touched 33.77 lakh tonne against the overall allocation of 45 lakh tonne.
The sale of wheat has brought significant effect in cooling down the price of wheat and atta across the country, which is likely to remain stable with the future tenders for open sale of wheat under OMSS.
Under the OMSS policy, the government allows FCI to sell food grains, especially wheat and rice, at predetermined prices in the open market from time to time to bulk consumers and private traders.
India’s retail inflation edged down slightly to 6.44% in February from a three-month high of 6.52% in January. However, the inflation print remained above the Reserve Bank of India’s (RBI) upper tolerance level of 6% for second straight month.