Rice Sale
FCI sells 22.5% of 267,000 tn rice offered in open market scheme this week
This story was originally published at 20:39 IST on 4 April 2025
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By J. Navya Sruthi and Afra Abubacker
MUMBAI – The Food Corp. of India sold 60,000 tonnes, or 22.5%, of the 267,000 tonnes of rice offered under the open market sales scheme this week. Since August, Food Corp. has sold only 2.02 million tonnes or 36% of the 5.64 million tonnes of rice offered under the scheme, the agency's data showed.
Till March, the nodal procurement agency was selling rice on Thursdays and Fridays to clear its swelling stocks. However, this week, Food Corp. sold on Wednesday and Thursday.
Despite Food Corp.'s efforts to clear its rice stocks, sales by the agency continue to be poor due to the arrival of the new crop across the country. As on Mar. 1, the rice stock at Food Corp.'s godowns was up 40% on year at 36.8 million tonnes. The stocks were up nearly 8% from 34.0 million tonnes a month ago. The current rice stocks are far above the buffer norm of 7.6 million tonnes which comprises operational stock of 5.6 million tonnes and strategic reserve of 2.0 million tonnes.
Rice prices at auctions conducted by Food Corp. have fallen due to tepid demand for the grain. The average selling price fell to INR 2,842.06 per 100 kg on Thursday from INR 3,167.3 per 100 kg at the start of the auctions in August, data showed.
As of Mar. 24, the government has purchased 75.9 million tonnes of paddy across the country. It has set the minimum support price of grade A paddy at INR 2,320 per 100 kg and that of common variety at INR 2,300 per 100 kg.
The government had set the all-India kharif paddy procurement target at 49.56 million tonnes and that for rabi crop was set at 7.0 million tonnes. During 2023-24 (Oct-Sep), the government procured 78.2 million tonnes of paddy, against the target of 62.1 million tonnes. End
Edited by Ashish Shirke
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