5.40 LMT of wheat has been sold to 1049 bidders in 23 states in 4th e-auction by Food Corporation of India

azadi ka amrit mahotsav

As a part of Government of India’s initiative towards market intervention to control the price of wheat and atta, 4th e-auction to offload wheat under OMSS (D) was held on today. Total quantity of 11.57 LMT wheat was offered and 5.40 LMT of wheat has been sold to 1049 bidders in 23 states.

In the 4th e- auction against the all India weighted average selling price received was Rs 2193.82/qtl stocks were sold for an all India weighted average reserve price of Rs. 2137.04/qtl.

In the 4th e-auction quantities ranging from of 100 to 499 MT had maximum demand followed by quantities of 500-999 MT followed by 50-100 MT. Some bids were received for the maximum quantity of 3000 MT at one go.

The first auction was conducted on 1st and 2nd February 2023 in which 9.13 Lakh MT was sold to 1016 bidders at weighted average price of Rs. 2474/Qtl.  a quantity of 3.85 LMT was sold in the second auction on 15th February 2023 to 1060 bidders at weighted average price of Rs. 2338/Qtl.  and 5.07 LMT sold to 875 successful bidders during the 3rd e-auction saw weighted average price of Rs 2173/Quintal.  The overall price received during the auctions suggest that the market has cooled down and is below Rs.  2200/Quintal on an average.

Till 3rd e- auction 18 LMT wheat stock has been sold against which 14.35 LMT has been lifted as on 28.02.2023. After the 4th e- auction the cumulative quantity of wheat sold under OMSS (D) has gone up to 23.47 LMT against the overall allocation of 45 LMT. The sale has brought significant effect in cooling down the price of wheat and atta all over the country which is likely to remain stabilized with the future tenders for open sale of wheat under OMSS (D).



Source PIB