FCI to stabilise wheat and rice markets through OMSS

Vijayawada: The general manager of the Food Corporation of India’s regional office in Vijayawada, Chandra Sekhar Joshi, announced a distinct approach by the Indian government to ensure stability in the wheat and rice markets.

The approach involves releasing wheat and rice through the Domestic Open Market Sale Scheme (OMSS) to stabilise retail prices nationwide. Acknowledging worrisome price trends, the government plans to release 25 lakh metric tons (LMT) of rice and 50 LMT of wheat through OMSS(D), which includes 2 LMT of wheat in weekly FCI e-auctions.

FCI's Amaravati Regional Office will conduct an e-auction on August 30, offering 4000 MT of Wheat and 13,018 MT of Rice under OMSS (D). Currently, FCI holds 7,69,609 MT of rice and 12125 MT of wheat in Andhra Pradesh, while the state government holds 7,96,000 MT of rice. To participate in the e-auction, submit an Electronic Margin Deposit (EMD) electronically before 6 PM on the previous Monday (August 28). Flour millers and wheat product makers can sign up at www.valuejunction.in/fci.

Chandra Sekhar Joshi emphasised successful bidders must process acquired wheat within thirty days from the last lifting date. Similarly, rice bidders must release their stock within thirty days. Traders can bid up to 1,000 MT of rice, with reserve prices at Rs. 2973 per quintal for FRK rice and Rs. 2,900 per quintal for non-FRK rice.