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FCI SELLS 1.66 LAKH TONNES WHEAT IN E-AUCTION

September 12, 2023

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The Business Guardian

FCI limited individual buyers to curb hoarding and support smaller retailers. Wheat prices remained stable, but high rice prices led to government intervention for market stability.

FCI SELLS 1.66 LAKH TONNES WHEAT IN E-AUCTION

The Food Corporation of India (FCI), a government-owned entity, has taken significant steps to manage cereal prices and ensure food security through its Open Market Sale Scheme (OMSS). In the recent 11th e-auction held on September 6, FCI successfully sold 166,000 tonnes of wheat and 17,000 tonnes of rice from the central pool. These efforts come in response to the government's announcement to release an additional 5 million tonnes of wheat and 2.5 million tonnes of rice from the central pool into the open market for bulk buyers.

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time to read

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