FCI sells 1.54 lakh tonnes of wheat via NSPOT so far

Tags: Agriculture
State-run Food Corporation of India (FCI) has so far sold 1.54 lakh tonnes of wheat through an e-auction platform of the NCDEX Spot Exchange (NSPOT).

FCI, which plans to sell 10 million tonnes of wheat to millers using the NSPOT platform this year, began selling the grain via e-auction early this month.

In an official statement, NSPOT said the FCI witnessed a rapid increase in off-take of wheat within first three e-auctions conducted at its platform.

"There has been a 76 per cent jump in the quantity of wheat sold to millers between August 7 and 21. The total quantity of wheat sold till now is 1.54 lakh tonnes," the company said.

Millers have bought wheat at prices ranging between Rs 1,500 and Rs 1,836 per quintal, it said.

"The efficiency, transparency and wider scale of operations that an electronic platform provides, allows both the PSU and the private players to be in a win-win situation." NCDEX Managing Director and CEO Samir Shah said.

The auctions were again conducted on the NPSOT platform after completing a successful pilot last year, in which FCI sold 17 lakh tonnes of wheat through seven e-auctions, the company said.

The platform has allowed FCI to meet the twin objectives of timely transparent and efficient sales of wheat to private mills as well as reduce its own economic cost, it added.

NSPOT offers an e-trading platform for a host of commodities, both agricultural and non-agricultural to various market participants. The exchange has active contracts in the states of Maharashtra, Rajasthan, Karnataka, Madhya Pradesh, Gujarat and Kerala.

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