Food Corporation of India (FCI) has so far sold 1.54 lakh tonnes (LT) of wheat through an e-auction platform of the NCDEX Spot Exchange (NSPOT). FCI, which plans to sell 10 million tonnes (MT) of wheat to millers using the NSPOT platform this year, began selling the grain via e-auction early this month.
The state-run corporation has witnessed a rapid increase in off-take of wheat within first three e-auctions conducted at its platform. The millers purchased wheat at prices ranging between Rs 1,500 and Rs 1,836 per quintal. FCI had sold 17 LT of wheat last year through seven e-auctions on NSPOT.
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.