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Food Corporation of India has sold 1.54 lakh tonnes of wheat between August 7 and 21 to millers across 26 States through the NCDEX Spot Exchange. The price ranged between Rs 1,500 and Rs 1,836 a quintal in the three e-auctions conducted so far.
The auction follows a successful pilot of seven e-auctions on the Nspot platform conducted by FCI to sell 17 lakh tonnes of wheat last year. FCI plans to sell 10 million tonnes of wheat to millers this year using the online trading platform. The platform has allowed FCI to meet the twin objectives of transparent and efficient sales of wheat to the private mills and reduction of its own economic cost, said Nspot in a release on Tuesday.
Nspot is working closely with various State Governments, PSUs and corporates to establish an electronic marketplace for agricultural commodities. With over 15,000 market participants, Nspot is playing a role in transforming fragmented agricultural spot markets into a single national marketplace.
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