Tag: auction

The Food Corporation of India (FCI) sold 1.66 lakh tonnes of wheat and 17,000 tonnes of rice from the central pool through the 11th e-auction held on September 6, 2023. The auction was conducted to offload additional 50 lakh tonnes of wheat and 25 lakh tonnes of rice from the central pool in the open market to bulk buyers to contain cereal prices. The weighted average selling price of wheat was Rs 2,169.65 per quintal and that of rice was Rs 2,956.19 per quintal. The government interventions, including OMSS and ban on wheat export, have had a moderating effect on wheat prices. However, rice prices are still ruling higher.