Prices drop at FCI’s wheat sales in major growing States as Indian govt doubles quantity
Barring Maharashtra, prices declined by Rs 59-344 a quintal this week, when 1.99 lakh tonnes were offered
The Food Corporation of India (FCI) conducted an e-auction for wheat sales in major growing states on November 4, with prices dropping by Rs 59-344 per quintal in most regions except Maharashtra. The government doubled the quantity offered in the auction to encourage wider participation from processors. Out of 1.91 lakh tonnes available for auction (excluding Gujarat), 1.78 lakh tonnes were intended to be purchased by the successful bidders.
The offtake marginally decreased to 93% this week, compared to 98% in the previous round due to lower bids from states like Punjab, Haryana, Tamil Nadu, and Andhra Pradesh. Processors noted that the government's previous policy lacked sufficient participation and quantity, potentially leading to high prices. Wheat prices varied significantly across states, with Punjab experiencing the steepest drop of Rs 344/quintal and Maharashtra seeing a rise to Rs 2994/quintal.
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