Centre to release 3 million tonnes wheat to open market to rein in prices
The Centre has approved a proposal to sell three million tonnes of wheat held by government agencies through the open market sale scheme (OMSS) to help rein in the abnormally high prices of wheat in the country, a food ministry official said.
This sale will be done via traders, state governments, cooperatives and federations in the next two months at a concessional rate of ?2,350 per quintal, the official told ET. Wheat prices in the Delhi market touched a record high of ?32 per kg on January 16, up from ?29/kg on January 13 amid a shortage, traders said. “This step (by the government) will definitely help in bringing down wheat prices by Re 1 or Rs 2. However, the actual supply will take around 10-15 days to reach the market,” said Mohit Upadhyay, managing partner of HMV Agro.
Wheat prices may come down by Rs 5-6/kg: Flour millers on govt move to sell wheat in open market
Roller Flour Millers Federation of India (RFMFI) on Thursday hailed the government’s decision to sell 30 lakh tonnes of wheat in the open market and said the move will lead to a reduction in wheat and wheat flour (atta) prices by Rs 5-6 per kg. The Centre on Wednesday announced the sale of 30 lakh tonnes of wheat in the open market from its buffer stock to check the rise in prices of wheat and wheat flour (atta).
The stocks will be sold by the state-owned Food Corporation of India (FCI) during the next two months through various channels.
While wheat will be sold to bulk consumers like flour millers through e-auction, the FCI will offer wheat at Rs 23.50 per kg to public sector units/cooperatives/ federations, Kendriya Bhandar/NCCF/NAFED for converting the grain to atta and offer it to the public at a maximum retail price (MRP) of Rs 29.50 per kg.
Indian sugar mills to close early as rain hits cane supply, says government official
Sugar mills in India’s top producing state Maharashtra are set to stop cane crushing 45 to 60 days earlier than last year as heavy rain has curtailed sugar cane availability, a senior state government official told Reuters on Friday.
The western state of Maharashtra, which accounts for more than a third of the country’s sugar output, could produce 12.8 million tonnes of sugar in the 2022/23 marketing year that began on Oct. 1, down from an earlier forecast of 13.8 million tonnes, Maharashtra’s sugar commissioner Shekhar Gaikwad said.
Lower sugar output could prevent the world’s second-biggest exporter from allowing additional exports, potentially supporting global prices and allowing rivals Brazil and Thailand to increase their shipments.
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