In its third auction, FCI sells over 5 lt of wheat for ₹2,172 per quintal

The Food Corporation of India (FCI) was able to cut the selling price of wheat by ₹1.70/kg on Wednesday during the third round of the electronic auction after lowering the reserve prices of wheat by ₹2/kg. There were sales of up to 5.07 lakh tonnes (lt). Government officials predicted that the retail market will soon reflect the ongoing decline in selling prices.

The Food Ministry stated in a statement on Thursday that the third round of the electronic auction’s weighted average selling price for all of India was ₹2,172.08 per quintal, with FCI anticipating receiving ₹1,086.1 crore. The third round saw as many as 1,269 bids, which is an increase over the rounds before (1,150 bidders in the first round and 1,060 traders/millers). In the second round, the weighted average selling price per quintal was ₹2,338.01, whereas it was ₹2,474 in the first round.

Of the total amount sold, 1.39 lt were sold in the three major producing States of Haryana, Punjab, and Madhya Pradesh, where the weighted average selling price was less expensive at 2,148.32/quintal. 3.68 lt of wheat were sold at an average price of 2,181.08 per quintal in the remaining regions of the nation. According to Agmarknet statistics, prices for the Lokwan variety in Gujarat’s Visavadar mandi fell from 2,630 per quintal on February 1 to 2,215 per quintal on February 22.

According to Navneet Chitlangia, senior Vice­President of the Roller Flour Millers’ Federation of India, Lokwan is a high-quality variety that consumers appreciate. When mill-quality wheat begins to arrive, costs may drop by about ₹200 per quintal. While the Sharbati will take another fortnight to become accessible in mandis, he claimed that the durum variety has begun to arrive in Betul, Khandwa, and neighboring areas. While shipments of wheat in Punjab and Haryana are anticipated to begin after Baisakhi, arrivals in Rajasthan are anticipated to begin after 20 days and improve starting in April.

Leave a Reply

Your email address will not be published. Required fields are marked *