As part of the Government of India’s market intervention initiative to control the retail price of rice, wheat and atta, Both wheat and rice auctions are organized weekly. The 11thth The e-auction of 2023-24 was held on 06.09.2023. A quantity of 2.0 LMT of wheat was offered from across the country from 500 depots and 4.89 LMT of rice from 337 depots.
1.66 LMT of wheat and 0.17 LMT of rice were sold in the electronic auction. The weighted average selling price was Rs. 2169.65/qtl for wheat FAQ against the reserve price of Rs. 2150/qtl Pan India while the weighted average selling price of URS wheat was Rs. 2150.86/qtl against the reserve price of Rs. 2125/qt.
The weighted average selling price was Rs. 2956.19/qtl for rice against the reserve price of Rs. 2952.27/qtl Pan India.
In the current tranche of e-auctions, it aims to reduce the retail price by offering up to a maximum of 100 tonnes to a buyer for wheat and 1000 tonnes for rice. This decision aims to encourage small and marginal end users and ensure that more participants can come forward and bid for the quantity from their preferred depot.
To avoid stock hoarding, traders have been kept out of the scope of selling wheat under OMSS (D) and regular checks/inspections are carried out at the mills of processors who have purchased wheat under OMSS ( D). As of 05/23/23, 898 checks had been carried out throughout the national territory.
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AD/NS