Food Corporation of India’s (FCI) sale of 920,000 tonnes of wheat through its e-auction at a reserve price of Rs 2,474 per quintal since Wednesday has brought down prices by almost 10 per cent.
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The auction generated Rs 2,290 crore for the corporation on February 1 and 2, an official statement said.
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Recently the Centre decided to offload 3 million tonnes from the buffer stock in the open market under the open market sale scheme (OMSS).
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Of this, 2.5 million tonnes will be sold to bulk consumers and flour millers, 300,000 tonnes to institutions like Nafed, and the rest to