FCI Provides 11.72 LMT Wheat Through 620 Depots Across Country in 3rd E-Auction

Bidders who have registered on M Junction's e portal by 10:00 p.m. on February 17, 2023 will be able to participate in the third e-auction on February 22, 2023. The deadline for depositing and uploading EMD is February 21, 2023, at 02:30 p.m. The third e-auction will begin at 11:00 a.m. on February 22, 2023.

The Government of India has revised the reserve price for wheat sales through the OMSS (D) scheme across the country. The reserve price for FAQ wheat is now Rs. 2150/Qtl. across India, while the reserve price for URS wheat is Rs. 2125/Qtl. across India.

This decision was made to ensure that wheat is offered at a lower uniform reserve price across the country, lowering the price of wheat and atta even further.

FCI sells surplus stocks of wheat and rice at pre-determined prices through e-auction in the open market from time to time to increase supply of food grains, particularly wheat, during the lean season and thus moderate open market prices, particularly in deficit regions.

These new reserve prices will be in effect beginning with the third wheat e-auction, which will be held across the country on Wednesday, February 22nd, 2023.

To address the rising price of wheat and atta in the country, Food Corporation of India is releasing 30 LMT of wheat stock from the Central pool stock to the market through various routes under the Open Market Sale Scheme, as recommended by the Group of Ministers (Domestic).

During the first and second e-auctions, a total of 12.98 LMT of wheat was sold, of which 8.96 LMT was already lifted by bidders, resulting in a cooling of wheat and atta prices.

The GOI's announcement of a revision in uniform reserve price across the country would benefit consumers across the country and bring wheat and atta prices even lower.