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Mumbai, 28 March (Commoditiescontrol):The State-owned Food Corporation of India (FCI) has announced that it has halted the sale of wheat at discounted rates via e-auction to bulk consumers, institutions, and state governments for the time being. This decision comes as the procurement of the fresh crop is set to begin next month.
The FCI has sold a total of 33 lakh tonnes of wheat through e-auction under the Open Market Sale Scheme (OMSS) until March 15th. Out of this amount, buyers have already lifted 31 lakh tonnes of wheat, and they are expected to lift the remaining 2 lakh tonnes by March 31st.
FCI Managing Director Ashok K Meena told PTI that the last e-auction of wheat to bulk consumers was conducted on March 15th, and it has now been stopped temporarily. The sale of wheat to institutions like Nafed and state governments under the OMSS has also been stopped.
Meena further stated that the wheat auction would resume only if there is a need to intervene in the market. This decision has been taken as the government plans to procure a fresh crop of wheat, which is expected to arrive soon.
The government had earlier announced plans to sell wheat from its buffer stock under the OMSS in January in order to control the rising prices of wheat and wheat flour. However, with the procurement of fresh crop set to begin soon, the sale of wheat has been stopped for the time being.
This decision by the FCI is expected to have an impact on bulk consumers, institutions, and state governments who were hoping to purchase wheat at discounted rates through e-auctions. However, it is likely to help farmers as the procurement of the fresh crop will create demand in the market, which will lead to better prices for their produce.
(By Commoditiescontrol Bureau; +91-9820130172)
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