FCI sells 495,000 tn wheat through open market sales so far in 2024-25
This story was originally published at 20:32 IST on 2 January 2025
Register to read our real-time news.Informist, Thursday, Jan. 2, 2025
By Afra Abubacker
NEW DELHI – The Food Corp. of India has sold 495,000 tonnes wheat so far in 2024-25 (Apr-Mar) under the open market sales scheme, according to FCI data. On Wednesday, the corporation sold wheat at an average rate of INR 2,938.5 per 100 kg, against INR 2,811.2 at the previous week's auction, data showed.
The all-India average wholesale price was INR 2,925.1 per 100 kg, up 6.3% on year amid tight supply in the market. Wheat supply in the market is tight as FCI delayed offloading the grain from its godowns amid lower procurement and falling stocks. The corporation typically begins wheat auctions in July or August, but in 2024-25, FCI began weekly auctions only in December.
Since December, FCI has been releasing nearly 100,00 tn wheat every Wednesday to check wheat prices. The government has allowed FCI to sell 2.5 million tonnes wheat till March-end. However, the market wants FCI to sell 4.5-5.0 million tonnes. Last year, FCI sold a record 9.4 million tonnes of wheat under the open market scheme.
RICE
Meanwhile, the offtake of rice from FCI remains poor as new crop arrivals are in full swing across the country. On Wednesday, FCI offered 31,000 tonnes rice, but sold only 22,000 tonnes, the data showed. Since August, the agency has sold 810,000 tonnes rice so far through its weekly auctions.
FCI's average selling price of rice on Wednesday was INR 2,984.6 per 100 kg, against INR 3,010.5 in the previous week, FCI data showed. The all-India average wholesale price of rice was INR 3,859.5 per 100 kg, up 1.5% on year, the department of consumer affairs data showed. End
Reported by Afra Abubacker
Edited by Deepshikha Bhardwaj
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
