Commodity Market Trend

Wheat, rice prices of wholesale and retail markets at declining trend: Govt

"Retail and wholesale market of Rice and Wheat Price fell down in august"

Main cereal crops, Wheat, and Rice prices in the country’s wholesale and retail markets fell in August compared to the July month due to market intervention, as per the government report on Friday.

According to the food ministry, the retail price of rice fell 1.78 percent to ₹ 35.28 per kg on August 16 from ₹ 35.92 per kg the previous month.

Also Read: India to export 3.5-4 mt of wheat until March 2021 if export subsidy extends

It also shows that the wholesale price of rice showing a down to ₹ 3,030.6 per quintal from ₹ 3,097.88 per quintal during the same period which is fell by 2.17 percent.

Retail prices of Wheat grains fell 2.18 percent to ₹ 26.52 per kg on August 16 from ₹ 27.11 per kg the previous month and the Wholesale prices down to 2.82 percent to ₹ 2,258.05 per quintal in the same period, from ₹ 2,323.52 per quintal.

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According to the ministry, it is ‘proactively pursuing policies that help keep inflation low, as reflected in the open market sale scheme (OMSS) policy for the fiscal year 2021-22.’

The government sells rice and wheat to bulk consumers at the reserve price under Open Market Sale Scheme (OMSS).

Also Read: APMC Act impact: Reliance seals a deal to purchase Rice from Karnataka farmers

OMSS has sold approximately 9.84 lakh tonne of wheat and 4.13 lakh tonne of rice as of July of this year, according to the statement.

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