Government Releases 4 Million Metric Tons Of Wheat Into The Open 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 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.”