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Govt sells 18.09 lakh tonne of wheat in 13 e-auctions under OMSS till September 21 to cool down prices

25 Sep 2023 Evaluate

With an aim to cool down the prices of wheat and wheat flour, the government said it has sold 18.09 lakh tonne of wheat from the central pool to bulk users in 13 e-auctions under the open market sale scheme (OMSS) till September 21. Earlier, on August 9, the government had announced it would sell an additional 50 lakh tonne of wheat and 25 lakh tonne of rice under the OMSS to bulk users. Wheat is being sold through weekly e-auction at a reserve price of Rs 2,125 per quintal, which is at par with the current minimum support price.

The food ministry said ‘the successful implementation of the OMSS policy has ensured that the prices of wheat are kept under control in the open market, and sufficient stock of wheat is available in the central pool for the continuation of OMSS policy for the remaining period of 2023-24’. A quantity of 2 lakh tonne of wheat is being offered in each weekly auction across the country from more than 480 depots during the year 2023-24.

The ministry said the weighted average selling price of wheat in the e-auction was Rs 2,254.71 per quintal in August, which has come down to Rs 2,163.47 per quintal on September 20. The downward trend in the weighted average selling price of wheat suggests that the market prices of wheat have cooled down in the open market. In each weekly e-auction conducted, the quantity sold has not crossed 90 per cent of the quantity offered, which shows that sufficient stocks of wheat are being offered across the country.

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