5.40 LMT wheat sold to 1,049 bidders in 23 states in 4th e-auction by Food Corporation of India

New Delhi [India], March 1 (ANI): As a part of the Government of India's initiative towards market intervention to control the price of wheat and flour, the fourth e-auction to offload wheat under OMSS (D) was held on Wednesday. A total quantity of 11.57 LMT of wheat was offered and 5.40 LMT of wheat were sold to 1,049 bidders in 23 states, said a press release.
In the 4th e-auction quantities ranging from 100 to 499 MT had maximum demand followed by quantities of 500-999 MT followed by 50-100 MT. Some bids were received for the maximum quantity of 3,000 MT in one go, added the press release.
The first auction was conducted on February 1-2, in which 9.13 Lakh MT was sold to 1016 bidders at a weighted average price of Rs. 2474/Qtl. A quantity of 3.85 LMT was sold in the second auction on February 15, to 1,060 bidders at a weighted average price of Rs 2338/Qtl and 5.07 LMT sold to 875 successful bidders during the third e-auction at the weighted average cost of Rs 2173/Quintal.
The overall price received during the auctions suggests that the market has cooled down below Rs 2200/Quintal on an average, the release said.
Till the third e- auction, 18 LMT wheat stock has been sold against which 14.35 LMT has been lifted as of February 28. After the 4th e- auction the cumulative quantity of wheat sold under OMSS (D) has gone up to 23.47 LMT against the overall allocation of 45 LMT. The sale has brought a significant effect in cooling down the price of wheat and atta all over the country which is likely to remain stabilized with the future tenders for the open sale of wheat under OMSS (D). (ANI)