The Food Corporation of India (FCI) is offering wheat under the Open Market Sale Scheme (Domestic) [OMSS(D)] through weekly e-auction at the reserve price of Rs. 2125/- per quintal which is at par with the current MSP of wheat as a part of Govt of India’s initiative for market intervention to control the retail price of wheat and atta.
A quantity of 2.00 LMT wheat is being offered in each weekly auction across the country from more than 480 depots and during the year 2023-24, till September 21, 2023 total of 13 e-auctions have been conducted wherein 18.09 LMT wheat has been sold under the scheme.
The weighted average selling price of wheat during August 2023 was Rs. 2254.71 per quintal which has come down to Rs. 2163.47 per quintal in the e-auction dated September 20, 2023.
The downward trend in the weighted average selling price of wheat suggests that the market prices of wheat have cooled down in the open market.
In each weekly e-auction conducted, the quantity sold has not crossed 90 per cent of the quantity offered which shows that sufficient stocks of wheat are being offered across the country.
The successful implementation of the OMSS(D) policy has ensured that the prices of wheat are kept under control in the open market and sufficient stock of wheat is available in the central pool for the continuation of OMSS(D) policy for the remaining period of 2023-24.
