New season for FCI; Wheat-rice prices will drop

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Mumbai, Ta. January 24, 2020, Friday

According to news available from Amnaz Bazar, the Food Corporation of India has increased wheat and rice prices and the central government has now decided to reduce the reserve price of wheat rice to ease the deficit. It is necessary to soften the existing stock in the warehouses before the next new wheat-rice purchase begins and this has led to such reserve price decline.

Meanwhile, under the open market sale scheme, the government has reduced the reserve price of rice to Rs. 1, while the reserve price of wheat is Rs. The reserve price was lower than before the Economic Coast of the Food Corporation of India, and now the difference has been further increased by reducing such reserve price.

In addition to the purchase of support prices in FCI's Economic Coast, the cost of transport cost, storage cost, handling and distribution of wheat and rice is equal to Rs. 3 per kg of rice and wheat while reserve prices have been significantly lower.

FCI officials are worried as the loads of goods in the food corporation's warehouses continue to rise as new arrivals of wheat are on the rise. As per the data released in January, the total stock of rice in the food corporation's warehouses has been estimated to be around 1 lakh tonnes. Wheat stock is estimated to be around 1 to 3 lakh tonnes.

However, in view of the buffer stock norms, such stock needs to be only 1 lakh tonnes of wheat and rice stock only 1 lakh tonnes. In addition, paddy-rice stocks are lying in the warehouses of the foot corporation, which have not been milled. Meanwhile, the government has now decided to reduce the reserve price of wheat in the environment where the demand for wheat-rice has been slow in the grain market recently.

Meanwhile, the Central Government was aiming to sell 4 lakh tonnes of wheat under the open market sale scheme in the 2-3 year against the fact that by the end of November 7, the total sale was actually around 1 lakh tonnes! In fact, the government had set a target of 1 lakh tonnes for the sale of rice, but in fact, the sale was estimated to be around 1 lakh tonnes by November. Is. Now, FCI losses are likely to increase as reserves are reduced.

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