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As part of the Government of India’s initiative to regulate retail prices of rice, wheat, and atta, weekly e-auctions for both wheat and rice are conducted. The 11th e-auction of the 2023-24 fiscal year took place on September 6, 2023. A total of 2.0 Lakh Metric Tonnes (LMT) of wheat from 500 depots and 4.89 LMT of rice from 337 depots were made available from various locations across the country.
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 stood at Rs. 2169.65 per quintal, surpassing the Pan India reserve price of Rs. 2150 per quintal. Meanwhile, the weighted average selling price for URS wheat was Rs. 2150.86 per quintal, exceeding the reserve price of Rs. 2125 per quintal.
For rice, the weighted average selling price reached Rs. 2956.19 per quintal, slightly above the Pan India reserve price of Rs. 2952.27 per quintal.
In the current phase of e-auctions, the focus remains on reducing retail prices by allowing a maximum purchase limit of 100 tons for wheat and 1000 tons for rice per buyer. This approach aims to support small and marginal end-users while encouraging broader participation from individuals who wish to bid for quantities from their preferred depots.
To prevent stockpiling, traders are excluded from wheat sales under OMSS (D), and routine inspections are conducted at the Flour Mills of processors who have acquired wheat through OMSS (D). As of September 5, 2023, a total of 898 inspections have been carried out across the country to ensure compliance with these regulations.
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