The government increases the amount of wheat allotted for open market sales.

In order to lower prices, the government has chosen to release 0.3 million tonnes (MT) under the Food Corporation of India’s (FCI) open market sale system (OMSS) in its weekly e-auction starting next month, compared to the 0.2 MT that are now being offered for the bulk purchaser. According to sources who spoke with FE, the government may offer more wheat through weekly e-auctions due to excess stocks kept by the FCI in order to prevent a spike in prices over the current holiday season. The maximum quantity that buyers may purchase under the OMSS weekly e-auction has been raised from 100 tonnes to 200 tonnes in accordance with the revised bidding guidelines. To avoid the risk of hoarding, traders who are bidding but do not own a wheat processing plant will not be allowed to take part in the OMSS. With weekly e-auctions held since June, FCI has sold more than 2.75 million tonnes (MT) of wheat from its stock on the open market, restricting the rise in retail prices, according to a food ministry official. The organization aimed to sell 5 MT of grain to the bulk buyers before the end of the year.