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Govt cuts minimum bid quantity for wheat open mkt sale plan to 10 tn

Monday, Feb 10 2020

 

 The government has reduced the minimum bid quantity required to sell wheat in smaller lots to smaller bulk buyers and boost private purchases, an official said.It has been decided to reduce the minimum bid quantity under the open market sale scheme to 10 tn from 50 tn, an official said.The new minimum bid quantity will be effective from the next auction that will take place on Wednesday, he said."The bid quantity has been reduced to attract the small millers and private buyers as it was a problem for them to purchase 50 tn at one go," he said.Earlier this fiscal, the government reduced the required bid quantity to 50 tn from 100 tn.

 

In January, the government had reduced the base price of wheat to 2,135 rupees per 100 kg from 2,245 rupees earlier to boost sales at its open market sale plan and reduce stocks in the central pool. It is also offering lustre-lost wheat at 2,080 rupees per 100 kg at the auction.However, the purchases are yet to improve at the government's auction plan, the official said. So far, the government has sold 2.4 mln tn of wheat at the auction, much lower on year. Last year till January, the government had sold 6.3 mln tn wheat at the auction.As on Feb 1, food grain stocks with the Centre were at a fresh seven-year high of 57.8 mln tn, up 24% on year.The government is desperately looking for ways to reduce the stocks in the central pool before of the wheat procurement season starts in April.The government is looking at ways to liquidate its food grain stock. It is considering ideas such as allocating additional grain to public distribution scheme beneficiaries or diverting additional stock for production of ethanol. 

 

Source: http://www.cogencis.com/n

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