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The common people, who are fed up with the price rise, can get relief soon. The government has sold the wheat stored in its godowns in the open market to reduce the cost of bread, biscuits and flour. The Food Corporation of India (FCI) sold 5.39 lakh tonnes of wheat to flour millers and other bulk consumers in the fifth round of e-auction. With this move, wheat prices may fall in the open market as well. At the same time, these wholesale customers include many flour mills to confectionery units, so their prices can be affected.
According to the food ministry, around 23.47 lakh tonnes of wheat was sold to bulk users under the Open Market Sale Scheme (OMSS) in the last four rounds as part of steps to bring down the retail prices of wheat and wheat flour. The next weekly e-auction will be held on March 15. The fifth round of e-auction was held on March 9 and around 11.88 lakh tonnes of wheat was put up for sale from 657 depots located in 23 regions of FCI.
“About 5.39 lakh tonnes of wheat has been sold to 1,248 bidders,” the ministry said in a statement. The weighted average selling price was Rs 2,197.91 per quintal as against the average reserve price of Rs 2,140.29 per quintal. The maximum number of bids were for quantities ranging from 100 to 499 tonnes, followed by 500-999 tonnes and 50-100 tonnes, the statement said. According to the ministry, the overall price during the auction shows that the market has softened and prices are ruling below Rs 2,200 per quintal on an average.
Out of about 23.47 lakh tonnes of wheat sold in the four rounds of auction, 19.51 lakh tonnes have been lifted by the buyers. After the first auction, the cumulative sale of wheat under OMSS reached 28.86 lakh tonnes against the total allocation of 45 lakh tonnes. “Such sales have made a significant impact in bringing down wheat and wheat flour prices across the country, which are expected to remain stable with future tenders for open sale of wheat under OMSS,” the ministry said. ”
The government has given permission to complete the lifting of wheat till March 31, due to the start of wheat procurement time from April 1. A total of 50 lakh tonnes of wheat has been allocated for sale under OMSS. Out of the allotted quantity of wheat, FCI has been authorized to sell a total of 45 lakh tonnes of wheat to bulk users till March 15 through weekly e-auction.
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