FCI to offer wheat at Rs 2,350 per quintal, Rs 300 less than base price

Commodity's prices reduce by Rs 450 a quintal after announcement of sale

Sanjeeb Mukherjee New Delhi
Acros combine harvesters drive through a wheat field during the summer harvest on a farm. Photo: Bloomberg

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

Also Read

Will India become a net importer of wheat?

Wheat price rise normal; have enough stocks to meet demand: Govt

Centre may sell surplus wheat in small tranches to control atta prices

FCI foodgrains stock down by 37% from last year; yet higher than buffer

Wheat acreage surges 25% from last year; but weather remains a concern

Shipping Ministry launches marine logistics portal to smoothen sea trade

Need clarity in definitions, wider governance in online gaming rules: UKIBC

RBI's foreign exchange reserves rise $1.7 bn in a week to $573 bn

India-Egypt MoU on cultural cooperation signed for five years: Govt

Rajasthan govt encourages farmers to set up solar pumps to cut cost

First Published: Jan 27 2023 | 8:54 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to