5.07 LMT of wheat auctioned in the 3rd e-auction of FCI
The third e-auction to offload wheat under OMSS (D) was held on 22.02.2023. Stocks were offered from 620 depots spread over 23 Regions of FCI across the country. A total quantity of 11.79 LMT was offered and 5.07 LMT of wheat has been auctioned.
Against the all-India weighted average reserve price of Rs. 2138.12/Quintal, stocks were sold for an all-India weighted average selling price of Rs 2172.08/Quintal.
Out of the total quantity sold, 1.39 LMT were sold from Haryana, Punjab, and Madhya Pradesh, where the weighted average reserve price was Rs. 2135.35 /Quintal and the weighted average selling price was Rs. 2148.32/Quintal. While in the rest of the country (States other than MP, PB, and HR) the quantity sold was 3.68 LMT for which the weighted average reserve price was 2139.16 /Quintal and the weighted average selling price was Rs. 2181.08/Quintal.
The overall price trend suggests that the market has cooled down and is below Rs. 2200/Quintal on average. Thus, the offloading of wheat is showing the desired results of an overall reduction in the price of wheat.
In the third e-auction quantities ranging from 100 to 499 MT had maximum demand followed by quantities of 50-100 MT followed by 500-999 MT indicating that small and medium flour millers and traders actively participated in the auction. Only 6 bids were received for the maximum quantity of 3000 MT at one go. A total of 1269 bidders participated in the third e-auction.
In four states of Delhi, Haryana, Tamil Nadu, and Telangana, 100% of the offered quantity was purchased by the bidders and in another five states, more than 90 % of the stocks offered were purchased by the bidders.
The state of Uttar Pradesh saw the highest selling price of Rs. 2950/Quintal during the first e-auction, the prices have cooled down and have dropped to an average price of Rs. 2177/Quintal. This is a reduction of Rs. 773/Quintal within 22 days’ time.
An amount of Rs. 1086.1 crores was realized during the third e-auction.
The fourth e-auction would be held on the 1st of March, 2023.
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