State wheat sales through spot comm exchange

NEW DELHI: India is considering National Spot Exchange for selling about 1.5 million metric tonnes of wheat from the state reserves from December.

Reports said that the country’s Food Corporation of India (FCI), which procures grains, would decide the quantity and the prices of wheat that is to be sold through the National Spot Exchange.

The spot exchange is owned by India's Multi Commodity Exchange, the biggest commodity exchange in the country by trade value. Trading on the exchange takes place electronically.

India had 25.16 million tons of wheat reserves as of December 1, and plans to sell 3 million tons of the grain through state government welfare programs and to flour millers by March 2010.