Even though the take-in increased to 96% from 94% the previous week, the average price of wheat in the Food Corporation of India (FCI) e-auction on Wednesday remained steady, indicating that demand will stay strong till the new crop starts arriving around mid-March. Since it began selling wheat on June 28 to increase the amount available on the free market, the government has sold 8.004 million tones.
According to officials in the Food Ministry, 4.78 of the 5 lakh tons that were offered on Wednesday were sold. From the current auction round, the government has boosted the offer quantity by 50,000 tones. On Wednesday, the average selling price of wheat was ₹2,259.16/quintal, compared to ₹2,255.35 the previous week. The value on December 13 was ₹2,172.94.
The reserve price set by the government for wheat at the auction is approximately ₹2,129/quintal, significantly less than the grain’s current economic cost of ₹2,703. The eastern region’s average selling price in the current round was ₹2,305, which was higher than the minimum support price of ₹2,275 (for the upcoming season). In contrast, prices in other regions ranged from ₹2,17 to ₹2,265.
According to industry insiders, the maximum bidding price in Karnataka dropped significantly on Wednesday from ₹2,750 last week to ₹2,450. In the most recent auction round from last week, the top price also saw a decrease in numerous other States, including Maharashtra and Gujarat. In West Bengal, the highest bid price was ₹2,550, the same as in the previous auction round, but in Bihar, it decreased to ₹2,480 from ₹2,550. It was ₹2,555 in Uttar Pradesh, ₹2,400 in Maharashtra, and ₹2,525 in Gujarat.
