A secret auction for cotton was held at the regulated market at Tirumangalam functioning under Agricultural Marketing and Agri Business Department on Tuesday.
Ten farmers had brought 2,795.75 kg of cotton and three traders participated in the auction. The maximum price offered was ₹76 per kg, while the total trade value stood at ₹2,08,268.
Madurai Market Committee secretary V. Mercy Jeyarani said they expected more farmers to bring their produce as the season had just begun. Farmers from Tirumangalam, along with those from Sivaganga and Virudhunagar districts, participated in the auction.
The cotton auction at Tirumangalam began in 1971 and discontinued for a few years. It had been been revived now to benefit farmers. “Farmers, by participating in the process, can evade weighing irregularities that occur with private parties and will also secure fair prices,” she said.
On the first day of the auction, 843.6 kg of cotton was auctioned and the total trade value was at ₹.64,117. The committee would soon hold meetings with farmers and traders to decide on fixed days for auction, she added.
Regulated Market Superintendent G.Venkatesh was present during the auction.
It was a ‘secret’ auction as the traders quoted their prices for every lot in a bidding slip within a stipulated time. The slips were collected in a ballot box and the officials read out the highest bid, and if the farmer agreed to it, the auction was completed.
