FCI Sells 3.85 LMT Wheat Stock for Rs. 901 Crore in E-Auction

Over 1060 bidders participated in the auction! To address rising prices of wheat and Atta, e-auction to continue every Wednesday till 2nd week of March 2023!

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FCI Sells 3.85 LMT Wheat Stock for Rs. 901 Crore in E-Auction

The Food Corporation of India (FCI) has successfully sold 3.85 LMT (lakh metric tonnes) of wheat stock for a total of Rs. 901 Crore in its second e-auction held on 15th February 2023. 

Over 1060 bidders participated in the auction, which offered a total of 15.25 LMT Wheat stock. Small and medium flour millers and traders were among the most active participants, with quantities ranging from 100 to 499 MT having the highest demand.

To tackle the increasing prices of wheat and Atta in the country, the FCI will be continuing to offer wheat for e-auction every Wednesday until the second week of March 2023. This recommendation was made by the Group of Ministers, and the sale of wheat through e-auction is aimed at bringing down the prices of wheat and Atta.

The government has also allocated 3 LMT wheat to government PSUs/cooperatives/federations like Kendriya Bhandar, NCCF, and NAFED for sale without e-auction, with concessional rates for wheat at Rs. 21.50/Kg and Atta at MSP not exceeding Rs. 27.50 per Kg. NCCF has been allowed to lift 68000 MT of Wheat stock across 8 states under this scheme, while allotment of 1 LMT Wheat has been made to NAFED and 1.32 LMT Wheat to Kendriya Bhandar.

Offloading more than 25 LMT wheat stock out of 30 LMT earmarked for sale under OMSSD (D) in the market through OMSS (D) scheme within a span of two months through multiple channels will have a significant impact on containing the inflationary price trend of wheat and Atta, as well as stabilizing the price rise in the food economy, thereby bringing relief to the common man and sustaining the objective of the scheme.