Tatsat Chronicle Magazine

1,060 Bidders Lift 3.45 Lakh Metric Tonn Of Wheat In The Second E-Auction

February 16, 2023

More than 1,060 bidders participated and 3.85 LMT wheat was sold during the second e-auction organised by the Food Corporation of India (FCI) on February 15. The corporation offered 15.25 LMT wheat stock during the auction.

In the second e-auction quantities ranging from of 100 to 499 MT had maximum demand followed by quantities of 500-1000 MT followed by 50-100 MT indicating that small and medium flour millers and traders actively participated in the auction. Only five bids were received for the maximum quantity of 3,000 MT at one go.

Weighted average rate of  ₹2338.01/Qtl was realised by FCI in the auction and ₹901 crore was generated by FCI in the second e-auction.

In order to address the rising price of wheat and atta in the country, as per the recommendation made by the   Group of Ministers, FCI is offering wheat for e-auction. The sale of wheat through e. auction will continue throughout the country on every Wednesday till 2nd week of March 2023.

Govt. of India has also allocated 3 LMT wheat to Govt. PSUs, cooperatives, federations like Kendriya Bhandar, NCCF and NAFED for sale without e-auction. The concessional rates for wheat to be lifted at ₹23.50/ Kg and atta to be issued  to public at MSP not exceeding ₹29.50 /KG under this scheme has  also been revised by GoI  at ₹ 21.50/Kg and MSP of atta from such stock should not exceed ₹27.50 per Kg.

National Cooperative Consumers’ Federation of India Limited (NCCF) has been allowed to lift 68000 MT of Wheat stock under the above scheme across 08 states. Allotment of 1 LMT Wheat is made to NAFED and 1.32 LMT Wheat made to Kendriya Bhandar under this scheme to bring down the price of Atta across the country and sale of Atta  been operationalized by these cooperatives after lifting of stock from FCI.

Offloading of more than 25 LMT wheat stock out of 30 LMT earmarked for sale under OMSSD (D) in the market through OMSS (D) scheme within a span of two months through multiple channels will have impact to contain the inflationary price trend of Wheat and Atta and also stabilised price rise in food economy bringing relief to the common man sustaining the objective of scheme.