FCI Sells Over 5 LMT of Wheat at Rs 2172/Quintal in 3rd E-Auction
On February 20, the third e-auction to offload wheat under OMSS (D) was held. Stocks were available from 620 FCI depots located across the country in 23 FCI Regions. A total of 11.79 LMT was offered, with 5.07 LMT of wheat auctioned.
Stocks were sold for an all-India weighted average selling price of Rs 2172.08/Quintal, compared to an all India weighted average reserve price of Rs 2138.12/Quintal.
1.39 LMT were sold from Haryana, Punjab, and Madhya Pradesh, with a weighted average reserve price of Rs. 2135.35/Quintal and a weighted average selling price of Rs. 2148.32/Quintal.
While the rest of the country (other than MP, PB, and HR) sold 3.68 LMT, the weighted average reserve price was Rs. 2139.16/Quintal and the weighted average selling price was Rs. 2181.08/Quintal. The overall price trend indicates that the market has cooled and is now trading at or below Rs. 2200/Quintal on average.
As a result of the offloading of wheat, the overall price of wheat has decreased. The third e-auction saw the highest demand for quantities ranging from 100 to 499 MT, followed by 50-100 MT and 500-999 MT, indicating that small and medium flour millers and traders actively participated in the auction.
For the maximum quantity of 3000 MT at one time, only 6 bids were received. The third e-auction attracted a total of 1269 bidders. The bidders purchased 100% of the offered quantity in four states: Delhi, Haryana, Tamil Nadu, and Telangana, and more than 90% of the stocks offered in five other states.
Prices in Uttar Pradesh, which saw the highest selling price of Rs. 2950/Quintal during the first e-auction, have cooled and dropped to an average of Rs. 2177/Quintal. This is a reduction of Rs. 773/Quintal in 22 days. During the third e-auction, a total of Rs. 1086.1 crores was raised. The fourth e-auction would take place on March 1, 2023.
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