New wheat crop trickles in mandis; prices above MSP, say traders

So far, two e-auctions have been held, and in them around 920,000 tonnes of wheat has been sold

The new wheat crop for the 2023-24 marketing season has started arriving at a few mandis in Madhya Pradesh and Gujarat, according to trade and market sources.

And, according to initial information, the crop for now seems to be in good condition but the price quoted is Rs 2,500-3,000 per quintal, which is higher than the minimum support price of Rs 2,125 per quintal for the 2023-24 season, which starts in April.

Though prices will fall once arrivals begin in full flow in the next two months, traders said the downside could be limited because pipeline stocks with flour millers and others