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FCI sells 1.89 lakh tonne wheat, 5,000 tonne rice in 15th weekly e-auction under OMSS

Wheat and rice are being sold under the Open Market Sale Scheme (OMSS) to bulk users to improve the domestic availability and cool down retail prices.

FCI sells 1.89 lakh tonne wheat, 5,000 tonne rice in 15th weekly e-auction under OMSS

State-owned Food Corporation of India (FCI) sold 1.89 lakh tonne of wheat and only 5,000 tonne of rice to bulk consumers like flour millers in the 15th weekly e-auction held on Wednesday.

Wheat and rice are being sold under the Open Market Sale Scheme (OMSS) to bulk users to improve the domestic availability and cool down retail prices.

According to the food ministry, about 1.89 lakh tonne of wheat was sold in the weekly e-auction held on October 4 against 2.01 lakh tonne offered.

However, FCI continued to get lukewarm response for weekly e-auction of rice under OMSS with traders purchasing just 5,000 tonne of grains against 4.87 lakh tonne offered.

Wheat and rice were sold to 2,255 bidders during the e-auction. Around 2,447 empanelled buyers participated for both wheat and rice, the ministry said in a statement.

The weighted average selling price was Rs 2,185.05 per quintal for fair and average quality (FAQ) wheat against the reserve price of Rs 2,150 per quintal, while the weighted average selling price of under relaxed specifications (URS) wheat was Rs 2,193.12 per quintal against the reserve price of Rs 2,125 per quintal, it said.

The weighted average selling price was Rs 2,932.91 per quintal for rice against the reserve price of Rs 2,932.83 per quintal across India. The ministry said small quantities are being offered in e-auction to encourage participation from small traders.

https://www.moneycontrol.com/news/business/economy/fci-sells-1-89-lakh-tonne-wheat-5000-tonne-rice-in-15th-weekly-e-auction-under-omss-11483131.html QR Code

Published Date: October 5, 2023

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