Prices are expected to fall further once e-auction wheat sales are lifted and flour becomes available on the market.
Wheat is grown for its seed and grain, a staple food around the world. Many types of wheat come together to form the genus Wheat, of which the common wheat is Triticum aestivum. The wheat market is segmented by region.
The Ministry of Consumer Affairs, Food, and Public Distribution announced that the next electronic auction for the sale of FCI wheat to bulk consumers such as millers under the Open Market Sales Program (OMSS) will be held on 15 February. announced that it will be
Food Corporation of India (FCI) will remit the costs to all successful bidders of the first electronic auction on 1-2 February, immediately withdraw and distribute all nationally issued instructions to make inventory available from depots affected by to further reduce the price.
Prices are expected to fall further once the ban on wheat sold through e-auctions is lifted and flour becomes available on the market.
“To address the rising price of wheat and Atta (flour) in the country, as per the recommendation made by the Group of Ministers, Food Corporation of India offered 22.0 LMT out of 25 LMT wheat stock earmarked for e-auction wheat from the Central pool stock to the market through various routes under the Open Market Sale Scheme (Domestic) in the e-auction on 1st and 2nd February 2023,” the ministry said.
The e-auction attracted more than 1,150 bidders in its first week and sold a massive 9.2 LMT nationwide.
Last month, the government announced plans to sell 30 lakh tonnes of wheat from its buffer stocks on the open market under OMSS to reassess wheat and flour prices.
Of the 30 lakh tonnes, FCI will sell 25 lacks to bulk users such as millers in electronic auctions and 2 lakhs to states/union territories.