The government on Friday said wheat prices have fallen more than 10 per cent in the past one week following its decision to sell the grain in open market to check rising prices.
State-run Food Corporation of India has so far sold 9.2 lakh tonnes of wheat to bulk users at an average rate of Rs 2,474 per quintal on the first two-days of e-auction held this week.
Recently, the Centre decided to offload 30 lakh tonnes of wheat from the buffer stock in the open market under the open market sale scheme (OMSS).
Out of which 25 lakh tonnes will be sold to bulk consumers, flour millers, 3 lakh tonnes to institutions like Nafed and remaining 2 lakh tonnes to state governments.
“The e-auction has already left an impact of a fall in market prices of wheat by more than 10 per cent in the past one week,” the Food Ministry said in a statement.
The “prices are set to fall further” after wheat sold in the e-auction is lifted and wheat flour (atta) is made available in the market, it said.
As per
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