Wheat Sales
FCI sells 884,000 tn wheat through open mkt sales so far in 2024-25
This story was originally published at 14:53 IST on 24 January 2025
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By Afra Abubacker
NEW DELHI – The Food Corp. of India has sold 884,000 tonnes of wheat so far in 2024-25 (Apr-Mar) under the open market sales scheme, according to FCI data. On Wednesday, the agency offered 150,000 tonnes and sold 98.6% of it to bulk consumers--flour millers and processors, the data showed. This was the eighth weekly auction since December.
Buyers have been lifting almost 99% of FCI offer quantities at each auction as wheat wholesale prices have firmed up amid a tight supply in the market. Amid the strong demand for FCI wheat, the agency has started to offer more wheat at its auctions.
On Thursday, the all-India average wholesale price was INR 2,959.2 per 100 kg, up INR 198 per 100 kg or 7.15% on year. Retail prices of atta in Delhi have risen INR 6 per kg or 19.3% on year to INR 37 per kg, department of consumer affairs data showed.
On Wednesday, the average selling price of FCI's wheat at the auction rose to INR 2,736.1 per 100 kg from INR 2,695.6 per 100 kg last week. According to the market, wheat prices will likely remain firm until the new crop arrivals start in March.
Market participants don't see the government encouraging wheat imports amid farmer agitations. "If the government allows wheat imports today, it will take at least 20 days for it to reach India. If I take in the container, it may take about 40-50 days from Russia, and we can import only from Russia as prices there are lower than in the other regions. By the time shipments reach India, prices may fall, which may create problems for farmers," IGrain India Director Rahul Chauhan told Informist on Tuesday.
Flour millers have been asking the government to allocate 4.5-5.0 million tonnes to be sold under open market operations. The government has allowed FCI to sell 2.5 million tonnes of wheat till the end of March. Last year, FCI sold a record 9.4 million tonnes of wheat under the open market scheme.
However, expectations of a record wheat production this year will likely check prices unless weather conditions play spoilsport. Higher than normal temperatures during the grain-filling stage affect yield. End
Edited by Akul Nishant Akhoury
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