FE
The government has sufficient stock of foodgrains compared to buffers to carry out market intervention to curb spike in cereals prices in the coming months, said Ashok Kumar Meena, chairman and managing director, Food Corporation of India, on Friday.
Meena said that the corporation currently has 36.46 million tonne (MT) of wheat and rice against the buffer of 21.41 MT for January 1. This grain stock excludes 23.74 MT of the rice to be received from the millers.
“Cereals prices are likely to come down in the next couple of months with the open market sale of scheme (OMSS) and higher stocks,” Meena said.
“After selling 10 MT of wheat in the open market, we may use buffer stock for the purpose of curbing the possibility of rise in prices in coming months,” an official said. FCI so far has sold 4.81 MT of wheat from its stock through weekly e-auctions.
At present, wheat stock with FCI is 18.42 MT, lowest since 2016 against the buffer of 13.8 MT for January 1.
