New Delhi, Feb 16 (IANS): More than 1,060 bidders participated and 3.85 lakh metric tonnes of wheat was sold during the second e-auction organised by the Food Corporation of India (FCI) on Wednesday .

The corporation offered 15.25 LMT wheat stock during the auction.

In the second e-auction, quantities ranging from 100 to 499 MT had maximum demand followed by quantities of 500-1,000 MT, followed by 50-100 MT indicating that small and medium flour millers and traders actively participated in the auction.

Only five bids were received for the maximum quantity of 3,000 MT at one go.

Weighted average rate of Rs 2,338 per quintal was realised by FCI in the auction.

Funds worth Rs 901 crore was generated by FCI in the second e-auction.

In order to address the rising price of wheat and Atta in the country, as per the recommendation made by a group of ministers headed by Union Home Minister Amit Shah, FCI is offering wheat for e-auction.

The sale of wheat through e-auction will continue throughout the country on every Wednesday till the second week of March 2023.

The government has also allocated three LMT wheat to public sector undertakings, cooperatives and federations like Kendriya Bhandar, NCCF and NAFED for sale without e-auction.

The concessional rates for wheat to be lifted at Rs 23.50 per kg and Atta to be issued to public at the minimum support price not exceeding Rs 29.50 per kg under this scheme has also been revised by the government at Rs 21.50 per kg and sale of Atta from such stock at the MSP not exceeding Rs 27.50 per kg.