The National Spot Exchange Ltd (NSEL) has urged the government’s Food Corporation of India to reduce the permitted price if it wishes wheat to be auctioned under the government’s Open Market Sales Scheme (OMSS).
Although the first auction on March 16 managed to sell 1,200 tonnes, the one on March 22-23 failed to attract participants, due to the FCI price. The market price of wheat is currently below the government-notified minimum support price of Rs 1,000 a quintal, due to the huge tradable surplus in the ongoing harvesting season. FCI fixed the selling rate for Delhi at Rs 1,244 a quintal. Traders and millers find it makes more sense to buy from the open market.
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