Centre sells 1.66 LMT wheat and 0.17 LMT rice through e-auction under Open Market Sale Scheme (D)

Centre sells 1.66 LMT wheat and 0.17 LMT rice through e-auction under Open Market Sale Scheme (D)

As a part of the Government of India’s initiative for market intervention to control the retail price of rice, wheat and atta, weekly e-auctions of both wheat and rice are organised under the Open Market Sale Scheme (Domestic). A quantity of 2 lakh metric tonnes (LMT) of wheat from 500 depots and 4.89 LMT rice from 337 depots were offered from across the country in the 11th e-auction of 2023-24 was held on September 6, 2023, Ministry of Consumer Affairs, Food & Public Distribution, Government of India informed today.

“In the e-auction, 1.66 LMT wheat and 0.17 LMT rice was sold. The weighted average selling price was Rs. 2169.65 per quintal for fair and average quality (FAQ) wheat against the reserve price of Rs. 2150 per quintal pan India. In contrast, the weighted average selling price of under reduced specification (URS) wheat was Rs. 2150.86 per quintal against the reserve price of Rs. 2125 per quintal,” the ministry informed in a statement.

You may also like to read: India estimates 521.27 LMT rice procurement during the upcoming Kharif Marketing Season 2023-24

According to the ministry, the weighted average selling price was Rs. 2956.19 per quintal for rice against the reserve price of Rs. 2952.27 per quintal pan India.

In the current tranche of e-auctions, the reduction in retail price is being targeted by offering up to 100 tonnes maximum for a buyer for wheat and 1000 tonnes for rice. This decision encourages small and marginal end users and ensures that more participants could come forward and bid for the quantity from their depot of choice, the statement reads.

In order to avoid hoarding of stocks’ traders were kept out from the ambit of wheat sale under the Open Market Sale Scheme (D) and regular checks and inspections are being made at the flour mills of the processors who have purchased wheat under OMSS (D). Till September 5, 2023, 898 checks across the country have been made, the ministry further informed.

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