iGrain India - The recent third weekly e-auction under the Open Market Sale Scheme (OMSS) organized by the Food Corporation of India (FCI) on December 18, 2024, saw a total offer of 5504 tonnes of wheat for sale in Rajasthan's Jaipur region.
Of this, 4979 tonnes were successfully purchased by millers and processors. The total value of the wheat purchased amounted to Rs 14,65,52,712.
The minimum reserve price of the government wheat was set between Rs 2300-2320 per quintal. However, the actual bids for wheat were much higher, with the lowest successful bid at Rs 2721 per quintal and the highest at Rs 2982 per quintal.
Most purchases were made at a price range of Rs 2800-2900 per quintal, indicating a strong demand for government wheat amidst limited arrivals in wholesale markets and high market prices.
The maximum quantity a buyer could purchase in the auction was 100 tonnes, with large millers and processors purchasing the full allowable amount, while smaller millers typically bought between 20 and 50 tonnes.
This e-auction is part of a larger effort by the government to sell 25 lakh tonnes of wheat under OMSS by March 2025.
The e-auctions began in December, with the second auction taking place on December 11 and the third on December 18. The response has been strong, with nearly 99% of the offered quantity being procured each week.