The Government of India organised 4th e-auction of wheat to offload 11.57 LMT wheat out of which 5.40 LMT of wheat was sold in 23 states to 1049 bidders. It had the reserve price of Rs. 2137.04/qtl.
In the first e-auction the total quantity of wheat sold was 9.13 Lakh MT while 3.85 LMT wheat was sold in the second auction. The overall price graph during the auctions suggests that the market has cooled down with average price below Rs. 2200/qtl.
It means the sale is all set to contribute to bringing significant reduction in the price of wheat as well as wheat flour all across the country.