FCI wheat auction sales increased to 96%, with total sales exceeding 8 million tonnes.

The average price of wheat at the Food Corporation of India (FCI) online auction remained flat on Wednesday, although sales rose to 96 percent from 94 percent last week, suggesting demand will remain strong until the next crop arrives. around mid-March. So far, the government has sold 8.004 million tonnes (mt) since June 28, when it started selling wheat to increase free market availability. As many as 4.78 liters of the 5 lakh tonnes (lt) offered on Wednesday were sold, food ministry sources said. The government has increased the bid amount of the current auction round by 50,000 tons. The average selling price of wheat was ₹ 2,259.16/quintal on Wednesday, compared to ₹ 2,255.35/quintal last week. On December 13, it was ₹ 2,172.94.

Ground Price

The government has kept the floor price of wheat in the auction at about ₹ 2,129/hundred, which is much lower than the economic price of the grain, which is currently ₹ 2,703. In this round, the average selling price in the eastern region was ₹ 2,305 above the minimum support price of ₹ 2,275 (next season), while prices in other regions ranged from ₹ 2.17 to ₹ 2,265. In Karnataka, the highest bid price fell to ₹ 2,450 on Wednesday from ₹ 2,750 last week, industry sources said. Many other states like Gujarat and Maharashtra also saw the highest price drop in the current round of auctions last week. The highest bid price was ₹ 2,550 in West Bengal, which was the same as in the previous auction round, while it fell from ₹ 2,550 to ₹ 2,480 in Bihar. It was ₹2,555 in Uttar Pradesh, ₹2,400 in Maharashtra and ₹2,525 in Gujarat.

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