The Food Corporation of India (FCI) will offer the entire 2.5 million tonnes (mt) of wheat meant for e-auction across India in one go at a base price of Rs 2,350 per quintal plus freight. The base price is around Rs 300 less than the economic cost — which includes procurement, storage, and handling — senior officials said. The economic cost of wheat is estimated to be around Rs 2,654 per quintal.
“The first tender will be up for participation immediately and the auctions will be held every Wednesday, starting from the coming week. All states with FCI depots will participate in the auctions, but the maximum quantities will be offered from depots located in Punjab and Madhya Pradesh, as these are places where highest quantities of wheat are stored,” FCI chairman Ashok Meena told reporters.
Wheat prices dropped almost Rs 450 per quintal at markets in Delhi and closed at Rs 2,730-2,750 per quintal after the announc
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