India plans to sell wheat from government reserves from August

The Indian government has permitted the Food Corporation of India (FCI) to sell wheat from its reserves to wholesale consumers at $279 per ton, which is about 12% lower than the current market price. This initiative is likely to attract many entrepreneurs to buy large quantities of wheat. However, the FCI has not disclosed the exact amount of wheat it will sell domestically. In 2023, wheat sales to private players began in June, with over 10 million tons sold, marking a record. As of June 1, government wheat stocks are estimated at 29.9 million tons, slightly down from 31.4 million tons the previous year.

The Indian government has allowed state food corporation FCI to begin selling wheat from government reserves to wholesale consumers (millers and manufacturers of wheat products) from August at $279 per ton (Rs 23,250), which is almost 12% lower than the current market price, Reuters reports. It is expected that due to the attractive price at which FCI will offer wheat from its reserves, many entrepreneurs will be interested in purchasing grain in large quantities. However, the FCI has not yet determined exactly how much wheat it plans to sell on the domestic market. It is recalled that in 2023, sales of wheat to private players began in June and ...