From Nov 1, bidders can purchase 200 MT wheat through open market

  • IANS
  • Commodities News
From Nov 1, bidders can purchase 200 MT wheat through open market
Credit: © Reuters.

New Delhi, Oct 27 (IANS) To increase the availability of wheat in the open market and to further stabilise it's prices, from November 1 onwards, the maximum quantity a bidder can purchase under open market sale scheme (domestic) [OMSS (D)] has been increased to 200 million tonnes from 100 million tonnes.

Also, the total quantity offered per e-auction across India has been increased to 3 lakh metric tonnes (LMT) from 2 LMT.

As a part of Centre's initiative for market intervention to control the retail price of rice, wheat and atta, weekly e-auctions of both wheat and rice are organized. The 18th e-auction of 2023-24 was held on October 26.

A quantity of 2.01 LMT wheat from 444 depots was offered across the country.

In the e-auction, 2,763 empaneled buyers participated for wheat. And 1.92 LMT wheat was sold to 2,318 successful bidders.

The weighted average selling price was Rs 2,251.57 per quintal for FAQ wheat against the reserve price of Rs 2,150 per quintal Pan India, whereas weighted average selling price of URS wheat was Rs 2,317.85 per quintal against the reserve price of Rs 2,125 per quintal.

The traders are kept out from the ambit of wheat sale under OMSS (D) in order to avoid hoarding of stocks and regular checks and inspections are also being made at the flour mills of the processors who have purchased wheat under OMSS (D).

--IANS

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