Food Corporation to start year without excess stock: 

 The Food Corporation of India (FCI) plans to start the new procurement season for wheat without any excess inventory, reports the Financial Express. The Food Corporation of India (FCI) plans to start the new procurement season for wheat without any excess inventory, reports the Financial Express. To stabilise the prices of grain FCI was aggressive in selling its stock to bulk purchasers in the market which has led to this situation. On April 1, the FCI is expected to have an inventory of around 6.6 million tonne, same as the buffer stock prescribed. 

 "The so-called open market sales scheme (OMSS) operations were despite a sharp 22 percent drop in wheat procurement in the current (2016-17) marketing season," the report said. Back in February, FCI had 11.55 mt of wheat inventory when the monthly requirement for public distribution system (PDS) was around 2.5 mt. Wheat procurement for the new season begins on April 1 and the corporation will have enough stocks to meet the PDS requirement, sources tell the newspaper. The corporation plans to wrap up the OMSS on March 15 and so far it has sold 4.5 mt of wheat under to bulk buyers and the last weekly auction in the year to sell wheat under OMSS will be held next week 

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