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Centre sells 1.66 LMT wheat & 0.17 LMT rice through Open Market Sale Scheme (D) in e-auction
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Wednesday, 13 September, 2023, 14 : 00 PM [IST]
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Our Bureau, Mumbai
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As a part of Government of India initiative for market intervention to control the retail price of rice, wheat and atta, weekly e auctions of both wheat and rice are organised. The 11th e-auction of 2023-24, was held on September 6, 2023. A quantity of 2.0 LMT wheat from 500 depots and 4.89 LMT rice from 337 depots were offered from across the country.
In the e-auction, 1.66 LMT wheat and 0.17 LMT rice was sold. The weighted average selling price was Rs 2169.65/qtl for FAQ wheat against the reserve price of Rs 2150/qtl Pan India whereas weighted average selling price of URS wheat was Rs 2150.86/qtl against the reserve price of Rs 2125/qtl.
The weighted average selling price was Rs 2956.19/qtl for rice against the reserve price of Rs 2952.27/qtl Pan India.
In the current tranche of e-auctions, the reduction in retail price is being targeted by offering up to 100 tons maximum for a buyer for wheat and 1000 tons for rice. This decision is to encourage small and marginal end users and to ensure that more participants could come forward and bid for the quantity from their depot of choice.
In order to avoid hoarding of stocks traders were kept out from the ambit of wheat sale under OMSS (D) and regular checks/inspections are being made at the Flour Mills of the processors who have purchased wheat under OMSS (D).
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