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Wholesale wheat prices fall by 10% on Centre's intervention
The wholesale wheat prices in major mandis of MP, Haryana, Punjab, UP and Rajasthan fell by up to 10% on Friday from the peak of Rs 2,950 per quintal on Wednesday, after the Centre announced open market sale of 30 lakh tonnes of the foodgrain till mid-March. Flour millers said the impact of the decision will be felt in the next two weeks when the retail prices of atta will reduce. Giving details of the e-auction of wheat to bulk buyers such as millers, FCI chairman and MD Ashok Meena said the foodgrain from their stock will be sold across the country so that wheat and atta prices moderate. Officials said the corporation will be incurring a loss of around Rs 2-3 per kg on the wheat which would be sold in the open market. But the loss may reduce, if bulk buyers or millers buy the FCI wheat above the reserve price. Source - https://timesofindia.indiatimes.com/business/india-business/wholesale-wheat-prices-fall-by-10-on-centres-intervention/articleshow/97385907.cms?from=mdr
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