As part of the Government of India’s market intervention strategy to regulate retail prices of rice, wheat, and atta, weekly e-auctions for these commodities are being organized. The 11th e-auction of the 2023-24 fiscal year took place on September 6, 2023. Approximately 2.0 LMT (Lakh Metric Tons) of wheat from 500 depots and 4.89 LMT of rice from 337 depots across the country were offered for sale.
During the e-auction, 1.66 LMT of wheat and 0.17 LMT of rice were successfully sold. The weighted average selling price for FAQ wheat was Rs. 2169.65/qtl, slightly above the reserve price of Rs. 2150/qtl Pan India, while the weighted average selling price of URS wheat was Rs. 2150.86/qtl, surpassing the reserve price of Rs. 2125/qtl.
For rice, the weighted average selling price reached Rs. 2956.19/qtl, surpassing the reserve price of Rs. 2952.27/qtl Pan India.
In this round of e-auctions, a maximum quantity of 100 tons for wheat and 1000 tons for rice were made available to individual buyers. This measure aims to encourage small and marginal end-users and attract more participants to bid from their preferred depot.
To prevent hoarding, traders were excluded from participating in the sale of wheat under OMSS (D), and regular checks and inspections were carried out at Flour Mills owned by the processors who purchased wheat under OMSS (D). As of September 5, 2023, a total of 898 checks were conducted nationwide to ensure compliance.