Wheat Transparency
In response to consecutive years of diminished wheat production due to heat waves, India is implementing a proactive measure to prevent hoarding and price spikes.
A total of 1.89 LMT wheat and 0.05 LMT rice was sold to 2255 bidders during the 15th e-auction under the Open Market Sale Scheme (Domestic) (OMSS[D]) held on Wednesday.
A total of 2.01 LMT wheat from 481 depots and 4.87 LMT rice from 264 depots was offered from across the country, an official release today said.
As a part of the Government of India’s initiative for market intervention to control the retail price of rice, wheat and atta, weekly e auctions of both wheat and rice are organised. In the e-auction, 2447 empaneled buyers participated for both wheat and rice.
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The weighted average selling price was Rs. 2185.05/qtl for FAQ wheat against the reserve price of Rs. 2150/qtl Pan India whereas the weighted average selling price of URS wheat was Rs. 2193.12/qtl against the reserve price of Rs. 2125/qtl. The weighted average selling price was Rs. 2932.91/qtl for rice against the reserve price of Rs. 2932.83/qtl Pan India.
In the current tranche of e-auctions, the reduction in retail price is being targeted by offering 10 to 100 tons maximum for a buyer for wheat and 10 to 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.
In order to avoid hoarding of stocks traders were kept out from the ambit of wheat sale under OMSS (D) and regular checks/inspections are being made at the Flour Mills of the processors who have purchased wheat under OMSS (D). Till 04.10.23 1229 checks across the country have been made.
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