FCI to offload more wheat in open market
With wheat inflation still at an elevated level, the government is set to scale up open market sales of the grain in the current fiscal.
While usually the sale of the Food Corporation of India’s (FCI) surplus grain stocks under the open market sale scheme (OMSS) takes place in the “lean period” of January-March, this year, it will likely be for a longer period. The sales will likely begin in July and may continue for many months if prices remain firm.
Retail wheat inflation stood at 15.46% in April, compared with 19.91% in the previous month.
Sources told FE that the plan is to offer wheat to bulk buyers like flour millers from all the 700-odd depots of FCI.
Under the OMSS, wheat will be sold at its acquisition cost of `2,350/ quintal which includes Minimum Support Price (MSP) of `2,125/quintal and other costs.
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