7-Government Releases 4 Million Metric Tons Of Wheat Into The Open Market From Surplus Stock

1. Government Releases 4 Million Metric Tons Of Wheat Into The Open Government Releases 4 Million Metric Tons Of Wheat Into The Open Market From Surplus Stock Market From Surplus Stock This fiscal, the Indian government has offloaded 3.9 million tonne (MT) of wheat so far to bulk wheat buyers through the Food Corporation of India's (FCI) open market sale scheme (OMSS). Tradologie.com is an international digital B2B commodity platform. By removing intermediaries, the transaction-oriented platform digitally connects buyers and sellers of bulk food and agricultural commodities worldwide and completely facilitates procurement and sales operations end-to-end, from enquiry to delivery. One can easily use the platform to buy wheat in bulk or sell wheat in bulk from top wheat suppliers and top wheat buyers in order to significantly increase profit margins while saving time, effort, and resources. Government’s Wheat Sales Government’s Wheat Sales In the weekly e-auction that started in June, the company sold 0.28 MT of wheat on Wednesday (22nd Nov) compared to the 0.3 MT that was put up for sale to flour millers and processors. In order to increase domestic supplies, the government plans to sell 10 MT of wheat through OMSS until March 31, 2024. A food ministry official made a statement, “After maintaining a wheat buffer stock of 7.46 MT on 1st April, we intend to sell all the FCI’s surplus grain stock in the market to curb prices.”

2. Wheat Pricing Wheat Pricing The food ministry official reported that the weighted average selling price of wheat under the open market sale scheme on Wednesday was Rs 2,249.73/quintal, while the reserve price was Rs 2,127.47/quintal. For the current season, the minimum support price for wheat is Rs 2,125/quintal. April 1st marks the start of the wheat procurement season for the 2024–25 marketing year. Wheat stock with FCI is currently 20.91 MT, compared to a buffer of 13.8 MT for January 1. Furthermore, the FCI has allocated 0.25 MT of wheat to the Kendriya Bhandar, farmers’ cooperatives Nafed and National Cooperative Consumers Federation (NCCF) at Minimum Support Price rate for converting into ‘Bharat Atta’ to be sold to consumers at Rs 27.5/kg. As per earlier policy, the corporation had been selling wheat surplus to bulk buyers such as flour millers only during the January to March lean season. If you are a wheat importer wishing to buy wheat in bulk or a wheat exporter willing to export bulk wheat, then Tradologie.com is the right platform for you. Tradologie.com is a next-generation Saas platform that facilitates bulk agro-trade across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities at negotiable rates. The transaction oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 100 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.