FCI eyeing Rs 10,400 cr from sale of wheat in open market

In a bid to monetise its surplus wheat stocks, state-run Food Corporation of India (FCI) aims to realise more than Rs 10,400 crore by the end of current fiscal by selling its excess stock in the open market. The FCI has so far sold close to 41 lakh tonnes of wheat in the current year. “The wheat so far has been sold at an average price of Rs 1,605 per quintal. The corporation is aiming that by the end of current financial year the total sales will be around 65 lakh tonnes at the same price,” a source said. The average wheat selling price this year is marginally higher than last year’s average price of Rs 1,602 per quintal.