I-Grain India's news confirmed: Wheat to be sold in OMSS
28-Nov-2024 02:18 PM
I-Grain India's news confirmed: Wheat to be sold in OMSS
The news confirms that the Food Corporation of India (FCI) has decided to sell 25 lakh metric tonnes of wheat from its central pool stock under the Open Market Sale Scheme (OMSS) for the 2023-24 period. Here are the key points:
The wheat will be sold through an electronic auction to private parties, which will likely include millers, traders, and other entities. It will be cleared once circular is released.
This move is aimed at increasing the wheat supply in the open market and stabilizing its prices, particularly to help address concerns around wheat availability and rising costs.
I-Grain India had reported on November 22 that this sale would commence soon, and further details will follow.
Information on the specific quantity allotted to each miller or buyer per week will be provided shortly, once the detailed circular is released.
The impact of this decision on the wheat market will be clearer once the official circular is issued, which will provide more insights into how the wheat release is structured and how it might affect prices.
This move by FCI is likely a strategic effort to address both short-term supply shortages and the volatility in wheat prices, helping to stabilize the market ahead of the next wheat harvest.