The Food Corporation of India (FCI) organized the 5th e auction of 2023-24 to sell wheat and rice here today. In the e-auction, 1.06 LMT wheat and 100 MT rice was sold.
In order to control the retail price of rice, wheat and atta, weekly e auctions are being organized. Government of India is committed towards price stabilization and its market intervention is aimed at providing relief to the consumers.
A quantity of 1.16 LMT wheat from 361 depots and 1.46 LMT rice from 178 depots were offered from across the country.
The weighted average selling price was Rs. 2182.68/qtl for FAQ wheat against the reserve price of Rs. 2150/qtl Pan India whereas weighted average selling price of URS wheat was Rs. 2173.85/qtl against the reserve price of Rs. 2125/qtl.
The weighted average selling price was Rs. 3151.10/qtl for rice against the reserve price of Rs. 3151.10/qtl Pan India.
In the current tranche of e-auctions, the reduction in retail price is being targeted by offering up to 100 tons maximum for a buyer for wheat and 1000 tons for rice. This decision is to encourage small and marginal end users and to ensure that more participants could come forward and bid for the quantity from their depot of choice.
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