Prices drop at FCI’s wheat sales in major growing States as Indian govt doubles quantity
Wheat prices declined by ₹59–344 per quintal across major producing states, except Maharashtra, during FCI’s November 4 e-auction. The government doubled its offering to 1.99 lakh tonnes, widening processor participation. However, overall offtake slipped to around 93% from 98% in the previous auction.
Prices in major wheat-growing states, except Maharashtra, dropped by Rs 59-344/quintal at the e-auction conducted by the Food Corporation of India (FCI) on November 4. Experts attribute the fall in prices to widening the participation of processors in the auction by doubling the quantity in the auction.
According to data sourced from FCI’s auction portal, out of 1.91 lakh tonnes (lt) on offer in the States (except Gujarat), 1.78 lt were intended to be lifted by the successful participants. The government had offered 1.99 lt of wheat at the auction (against 1.01 lt the previous week), including 8,000 tonnes in Gujarat. However, details of the auction in Gujarat were not available till evening.
The offtake marginally dropped to some 93 per cent this week from 98 per cent in the previous round, as States like Punjab, Haryana, Tamil Nadu and Andhra Pradesh received lower bids than the offered quantity.
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Source : BusinessLine
