11.88 lakh tonne wheat offered in 5th auction by FCI but sold 5.39 lakh tonne
As a part of Govenment of India initiative for market intervention to control the price of wheat and atta, in the sequel of weekly e auctions of wheat, the5th e-auction was conducted by the Food corporation of India on 9 March, 2023. Total quantity of 11.88 lakh tonne wheat was offered from 657 depots across 23 Regions of FCI and 5.39 lakh tonne of wheat has been sold to 1248 bidders
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As a part of Govenment of India initiative for market intervention to control the price of wheat and atta, in the sequel of weekly e auctions of wheat, the5th e-auction was conducted by the Food corporation of India on 9 March, 2023. Total quantity of 11.88 lakh tonne wheat was offered from 657 depots across 23 Regions of FCI and 5.39 lakh tonne of wheat has been sold to 1248 bidders.
In the 5th e- auction, against the all Indiaweighted average reserve price of Rs. 2140.28/qtl, weighted average selling price received was Rs 2197.91 /qtl.
In the 5th e auction Quantities ranging from of 100 to 499 tonne had maximum demand followed by quantities of 500-999 tonne followed by 50-100 tonne quantity bracket.
The first auction was conducted on 1st and 2nd February 2023 in which 9.13 lakh tonne was sold to 1016 bidders at weighted average price of Rs. 2474/Qtl. a quantity of 3.85 lakh tonne was sold in the second auction on 15th February 2023 to 1060 bidders at weighted average price of Rs. 2338/Qtl. 5.07 lakh tonne sold to 875 successful bidders during the 3rd e-auction saw weighted average price of Rs 2173/Quintal and 5.40 lakh tonne sold to 1049successful bidders during the 4th e-auction at a weighted average of Rs 2193.82/qtl. The overall price received during the auctions suggest that the market has cooled down and is below Rs. 2200/Quintal on an average.
Till 4th e- auction 23.47 lakh tonne wheat stock has been sold against which 19.51 lakh tonne has been lifted as on 8 March.
After the 5th e- auction, the cumulative sales of wheat under OMSS (D) has touched28.86 lakh tonne against the overall allocation of 45 lakh tonne. The sale has brought significant effect in cooling down the price of wheat and atta all over the country which is likely to remain stabilized with the future tenders for open sale of wheat under OMSS (D).
The next e-auction would be conducted on Mrch 15 and in view of the start of wheat procurement period from 1 April, 2023, the governemnt has allowed the lifting to be completed by March 31.
