FE
To curb the rise in prices, the government has offloaded 4.1 million tonne (MT) of wheat under the open market sale scheme (OMSS) by the Food Corporation of India (FCI) to bulk buyers this fiscal.
On Wednesday, the FCI sold 0.28 MT of wheat to 2,420 bidders in the weekly e-auction, which commenced in June, against 0.3 MT offered on sale for the flour millers and processors.
According to a food ministry official, the weighted average selling price of wheat under OMSS on Wednesday’s auction was Rsb2,278.58/quintal against the reserve price of Rs 2,127.87/quintal.
The minimum support price of wheat for the next season (2024-25) is Rs 2,275/quintal. The wheat procurement season for the next marketing season will commence on April 1. The government is aiming to sell 10 MT of wheat through OMSS till March 31, 2024, to boost domestic supplies.
