Wheat prices drop at in FCI’s e-auction to average ₹2,156/quintal
The latest round of weekly e-auction on Wednesday under the Centre’s Open Market Sale Scheme (OMSS) surprised the trade and industry as there was a big fall in wheat prices, which is attributed to the Centre’s announcement of releasing 50 lakh tonnes additional wheat in market as well as offering higher quantity. The average price in current round of auction was ₹2,155.96/quintal — down from ₹2,254.71 last week.
As much as 1.52 lakh tonnes (lt) of wheat were sold out of 2.06 lt offered, which is 74 per cent, official sources said. The lifting of wheat in current round is the second highest so far from the current year’s auction that began from June 28, an official source said. The previous high was 1.77 lt on July 12 when the offered quantity was 4.18 lt and traders were also allowed.
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