6th e-auction of wheat conducted by FCI

As part of the Centre's initiative for market intervention to control the price of wheat and atta, in the sequel of weekly e-auctions of wheat, the 6th e-auction was conducted by the Food Corporation of India on Wednesday.

A total quantity of 10.69 LMT wheat was offered from 611 depots across 23 regions of FCI and 4.91 LMT of wheat has been sold to 970 bidders, an official release said here on Thursday.

In the 6th e-auction, against the all India weighted average reserve price of Rs. 2140.46/qtl, weighted average selling price received was Rs 2214.32 /qtl. In the 6th e-auction, quantities ranging from 100 to 499 MT had maximum demand followed by quantities of 500-999 MT followed by 50-100 MT quantity bracket.

The first auction was conducted on Fey 1-2, 2023 in which 9.13 Lakh MT was sold to 1016 bidders at weighted average price of Rs. 2474/Qtl. A quantity of 3.85 LMT was sold in the second auction on February 15 to 1060 bidders at weighted average price of Rs. 2338/Qtl, while 5.07 LMT was sold to 875 successful bidders during the 3rd e-auction which saw weighted average price of Rs 2173/Qtl.

5.40 LMT wheat was sold to 1049 successful bidders during the 4th e-auction at a weighted average of Rs 2193.82/qtl. In the 5th e-auction, 5.39 LMT was sold to 1248 bidders at weighted average price of Rs. 2197.91/qtl. Till 5th e-auction, 28.86 LMT wheat stock has been sold against which 23.30 LMT has been lifted as on March 14.

After the 6th e-auction, the cumulative sale of wheat under OMSS (D) has touched 33.77 LMT against the overall allocation of 45 LMT. The sale has brought significant effect in cooling down the price of wheat and atta all over the country which is likely to remain stabilised with the future tenders for open sale of wheat under OMSS (D), the release added.