Govt auctions 5 lakh metric tonnes of wheat

The government on Thursday auctioned 5.07 lakh metric tonnes (LMT) of wheat, where the stocks were sold for an all India weighted average selling price of Rs 2,172 per quintal.

This was the third e-auction of wheat.

Out of the total quantity sold, 1.39 LMT were sold from Haryana, Punjab and Madhya Pradesh, where the weighted average of reserve price was Rs 2,135.35 per quintal and weighted average selling price was Rs 2,148.32 per quintal.

The overall price trends suggest that the market has cooled down and is below Rs 2,200 per quintal on an average, which indicates that the offloading of wheat is showing the desired results of overall reduction in its prices.

In the third e-auction, quantities ranging from of 100 to 499 MT had maximum demand, followed by quantities of 50 to 100 MT and 500-999 MT, indicating that small and medium flour millers and traders actively participated in the auction.

In four states of Delhi, Haryana, Tamil Nadu and Telangana, 100 per cent of the offered quantity were purchased by the bidders and in another five states, more than 90 per cent of the stocks offered were purchased by the bidders.

An amount of Rs 1,086.1 crore was realised during the third e-auction.AThe fourth e-auction would be held on March 1.

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