FCI’s Open Market Sale Scheme (Domestic) stabilizes wheat prices with sufficient stocks and weekly auctions. 2125 per quintal, as per MSP.
Food Corporation of India (FCI) is offering wheat under Open Market Sale Scheme (Gharelo). [OMSS(D)] Through weekly e-auction at a reserve price of Rs. 2125/- per quintal which is at par with the current MSP of wheat as part of the Government of India’s initiative to intervene in the market to control the retail price of wheat and flour.
A quantity of 2.00 LMT of wheat is being offered in every weekly auction from more than 480 depots across the country and a total of 13 e-auctions were conducted till 21 September 2023 during the year 2023-24 in which 18.09 LMT of wheat was 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 of 20 September 2023.
The downward trend in the weighted average price of wheat sales suggests that wheat prices in the open market have cooled.
In each weekly e-auction, the quantity sold has not exceeded 90 percent of the quantity offered, indicating that sufficient wheat stocks are being offered across the country.
The successful implementation of the OMSS(D) policy has ensured that wheat prices in the open market have been kept under control and ample wheat stocks are available in the central pool to sustain the OMSS(D) policy. 2023-24.
First Published: 22 Sep 2023, 16:53 IST
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