Pune: Wheat prices are fast moving downwards in states such as Madhya Pradesh and Gujarat, where the arrival of the new crop has started.
Prices are expected to go below the minimum support price (MSP) by mid-March, when arrivals will pick up further.
Meanwhile, Food Corporation of India (FCI) has called a meeting of wheat growing states on March 1 to take a call on starting procurement operations for the 2023-24 rabi marketing season. It is expected to consider an early beginning of the procurement operations.
“Currently farmers are selling new wheat of 11% moisture content at ₹22 per kg,” said Raju Khandelwal, a middleman operating at the Indore wholesale market.
The MSP announced by the central government for wheat this year is ₹21.15/kg.