OMSS News: On Friday, the government raised the bid quantity for wheat offered from the central pool under the open market sale scheme to 200 tonnes, effective from November 1. This move is part of an initiative to enhance the stability of wheat and wheat flour prices. In a bid to bolster wheat supply in the local market, bulk buyers such as flour millers and small traders are now allowed to participate in e-auctions for 200 tonnes, doubling the previous limit of 100 tonnes under the Open Market Sale Scheme (OMSS).
The Food Corporation of India, which serves as the government’s primary agency for acquiring and distributing foodgrains, is releasing wheat from its buffer stock through the Open Market Sale Scheme (OMSS).
As a result, the statement indicated that the overall quantity available for each e-auction nationwide has been raised from 200,000 tonnes to 300,000 tonnes.
OMSS – Objective:
The objective of the augmented bid quantity is to boost the presence of wheat in the open market and to continue fortifying the stability of wheat prices, as mentioned.
Since June 28, the government-owned Food Corporation of India (FCI) has been conducting weekly e-auctions to sell wheat and rice from the central pool to bulk purchasers, including flour millers and small-scale traders, as part of efforts to manage the retail prices of these essential commodities.
During the 18th round of e-auctions held on October 26, approximately 192,000 tonnes of wheat were successfully purchased by 2,318 bidders.
A total of 201,000 tonnes of wheat were made available for sale from 444 depots across the nation. A noteworthy 2,763 pre-approved buyers took part in the e-auction.
The weighted average selling price was INR 2,251.57 per quintal for fair and average quality wheat, as against the reserve price of INR 2,150 per quintal.
The weighted average selling price of under relaxed specification wheat was INR 2,317.85 per quintal as against the reserve price of INR 2,125 per quintal.
The ministry said traders are kept out of the ambit of wheat sale under OMSS to avoid hoarding of stocks.
Regular checks and inspections are also being made at the flour mills of the processors who have purchased wheat under OMSS, the statement said, adding that 1627 checks were undertaken till October 16.
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