Around 3.46 LMT wheat and 13164 MT rice were sold during 26th e-auction under OMSS
wheat and atta, 3.46 LMT wheat and 13164 MT rice were sold during 26th e-auction under Open Market Sale Scheme (OMSS) by the Food Corporation of India (FCI), the ministry of consumer affairs said in a statement.
“In the e-auction, 3.46 LMT wheat and 13164 MT rice was sold at a weighted average of Rs 2178.24/Qtl for wheat and Rs. 2905.40/Qtl for rice,” it said in a statement.
Cereal prices in November rose to 10.27% pushing the food inflation to 8.70% in November, against 6.61% reported the previous month.
Food inflation accounts for nearly half of the overall consumer price basket. An increased acreage of wheat would help shore up government’s stocks, which are at a seven-year low, helping it in managing inflation as it gears up for the general elections in 2024.
An increased inflation forced the government to offload an extra amount wheat in the open market to millers and traders during its weekly auction conducted by the Food Corporation of India bringing down the all-India average selling price to Rs 2,172.94/quintal — the lowest since September 27.
Last month, S&P Global Commodity Insights said that the much expected El Nino weather event may adversely impact rainfall during the winter season 2023 thereby affecting the key rabi crop such as wheat.
