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India to sell 7-8 MT of Wheat at Rs 1,890/quintal in open market
Commodity Online | July 12 2018
UPDATED 14:57:15 IST

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Burdened with huge stock, the government plans to offload 7-8 million tonnes (MT) of fresh Wheat in the open market at Rs 1,890 per quintal. The rate at which the grain will be offloaded will be around Rs 100 per quintal higher than the last year.

According to sources, the open market sale scheme (OMSS) is likely to be launched for disposal of Wheat for the 2018-19 marketing year (April-June).

Last year, the OMSS rate for Wheat was fixed at Rs 1,790 per quintal. Sources said that the ministry had offered 5.4 million tonnes of Wheat under the OMSS but only 1.5 million tonnes stock was sold.

As on June 1, the government was holding a Wheat stock of 44 million tonnes. Its procurement agency FCI has purchased 35.5 million tonnes of fresh Wheat in 2017-18.

As per the third estimate, Wheat production is estimated to have been 98.51 million tonnes in the 2017-18 crop year that ended last month.

 

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