FCI

FCI has procured 700,000 tonnes wheat so far, up from 200,000 tonnes last year

FCI says on track to achieve FY24 procurement target; no lifting of export ban

FCI stops wheat sale through open market operations as procurement draws near

Millers see CPI inflation for atta reducing more sharply going ahead, as prices have already started softening at the mill gate

Till fifth e-auction, 28.86 LMT wheat stock has been sold against which 23.30 LMT has been lifted as on March 14, 2023

PM chairs review meeting ahead of summer months, tells IMD to prepare daily weather forecasts that are easy to interpret and disseminate

Wheat prices have slumped from their record high of about Rs 3,200 per quintal in mid-January to about Rs 2,200 a quintal

State-run Food Corporation of India (FCI) sold 5.40 lakh tonnes of wheat to bulk consumers like flour millers in the fourth round of e-auction held on Wednesday. In the previous three rounds, about 18.05 lakh tonnes of wheat was sold under the Open Market Sale Scheme (OMSS) to bulk users as part of steps to cool down retail prices of the foodgrain and wheat flour. The next weekly e-auction will be held on March 8. "Total quantity of 11.57 lakh tonne wheat was offered and 5.40 lakh tonne wheat has been sold to 1,049 bidders in 23 states," an official statement said. Wheat was sold at an all-India weighted average reserve price of Rs 2,137.04 per quintal during the 4th auction. Maximum demand was for wheat quantities in the range of 100 to 499 tonnes, it added "The overall price quoted during the auctions suggests that the market has cooled down and is below Rs 2,200 per quintal on average," the statement noted Till February-end, about 14.35 lakh tonne wheat was lifted by bidders.

According to FCI data, the corporation has so far managed to sell roughly 1.8 mt of wheat, of the earmarked 3 mt, in the first three auctions that are about 60 per cent of the allocated quantity

State-run Food Corporation of India (FCI) sold 5.08 lakh tonnes of wheat to bulk consumers like flour millers in the third round of e-auction held on Wednesday. In the first two rounds, nearly 13 lakh tonnes of wheat have been sold under the Open Market Sale Scheme (OMSS) to bulk users as part of steps to cool down retail prices of the foodgrain and wheat flour. The next weekly e-auction will be held on March 1. "About 5.08 lakh tonne of wheat has been sold to bulk consumers under the OMSS today," FCI Chairman and Managing Director Ashok K Meena told PTI. The government on January 25 announced that it will offload 30 lakh tonnes of wheat in the open market. Wheat is being offloaded under the OMSS to cool down the retail prices of wheat and wheat flour (atta). To further soften the retail wheat prices, the government recently reduced the reserve price of FCI wheat offered to bulk users and also announced the sale of an additional 20 lakh tonnes of wheat in the open market. After th

Going forward, prices will depend on wheat crop production following the sudden sharp increase in temperature across several parts of North and Central India

Food Corporation of India (FCI) sold 3.85 lakh tonnes of wheat to bulk consumers in the second round of e-auction, as part of its efforts to boost domestic supplies and control prices of wheat and atta (wheat flour). Last month, the government announced plans to sell 30 lakh tonnes of wheat in the open market from its buffer stock under the Open Market Sale Scheme (OMSS). Out of the 30 lakh tonnes, the Food Corporation of India will sell 25 lakh (2.5 million) tonnes to bulk consumers like flour millers through e-auction and 2 lakh tonnes will be given to states/union territories. As much as 3 lakh tonnes of wheat are being provided to institutions and state PSUs at a concession for converting wheat into wheat flour. "More than 1,060 bidders participated and 3.85 LT (lakh tonnes) wheat was sold during the second e-auction organised by the Food Corporation of India (FCI) on February 15," an official statement said. FCI, the government's nodal agency for procurement and distribution o

Minister for Consumer Affairs, Food, and Public Distribution Piyush Goyal has directed the FCI to set up more procurement centres covering almost all revenue districts of Uttar Pradesh.

The IEBR of FCI for FY24 - in line with the Budget documents - is projected to jump a staggering 164 per cent to nearly Rs 1.45 trillion, from the 2022-23 (FY23) Revised Estimates (RE) of Rs 55,000 cr

An extra-budgetary provision of Rs 1.45 lakh crore made to state-run FCI in the Budget for 2023-24 fiscal is an "indicative outlay" of short term working capital, otherwise the food subsidy outlay made for the agency is "adequate" to cover all the anticipated procurement costs for PDS, according to the food ministry. Food Corporation of India (FCI) is the Centre's nodal agency for procurement and distribution of foodgrains through the Public Distribution System (PDS). The difference between the economic cost and central issue price of foodgrains is paid as a food subsidy to the agency. A big part of the Union government spending comes from outside the budget, which is referred to as internal and extra-budgetary resources (IEBR). IEBR constitutes the resources raised by public sector units through profits, loans and equity. An IEBR provision of Rs 1.45 lakh crore has been made for FCI in the Budget for the 2023-24 financial year. According to the ministry, "The purpose of an outlay o

The next e-auction for the sale of FCI wheat to bulk consumers like flour millers under the open market sale scheme (OMSS) will be held on February 15, the Food Ministry said on Saturday. State-run Food Corporation of India (FCI) has been mandated to sell 25 lakh tonnes of wheat from its buffer stock to bulk consumers under the OMSS in order to contain rising prices of wheat and wheat products in the country. The first sale of wheat through e-auction was held on February 1-2. About 9.2 lakh tonnes of wheat was sold from FCI depots in 23 states. The plan was to hold a weekly e-auction every Wednesday. However in a statement, the Food Ministry said: "The second sale of wheat through e-auction will be held throughout the country on 15th February on Wednesday." This means the FCI will not hold e-auction of wheat next week and the ministry has not cited reasons for not holding the auction. Meanwhile, the FCI has directed all winning bidders of the first e-auction to remit the cost and

FCI sold 0.92 million tonnes since Feb 1, netting around Rs 2,290 crore

Over 1,150 bidders participated in the first week of e-auction of wheat and a quantity of 9.2 lakh metric tonnes was sold across the country by Food Corporation of India (FCI)

The government on Friday said wheat prices have fallen more than 10 per cent in the past one week following its decision to sell the grain in open market to check rising prices. State-run Food Corporation of India has so far sold 9.2 lakh tonnes of wheat to bulk users at an average rate of Rs 2,474 per quintal on the first two-days of e-auction held this week. Recently, the Centre decided to offload 30 lakh tonnes of wheat from the buffer stock in the open market under the open market sale scheme (OMSS). Out of which 25 lakh tonnes will be sold to bulk consumers, flour millers, 3 lakh tonnes to institutions like Nafed and remaining 2 lakh tonnes to state governments. "The e-auction has already left an impact of a fall in market prices of wheat by more than 10 per cent in the past one week," the Food Ministry said in a statement. The "prices are set to fall further" after wheat sold in the e-auction is lifted and wheat flour (atta) is made available in the market, it said. As per

Wheat is being offered at a reserve price of Rs 2,350 per quintal plus freight charges