Wheat prices likely to soften by Rs 4-6 per kg over the next few weeks

But won't near MSP, which could make next procurement tough, unless there's bonus

Wheat prices in the open market might soften by another Rs 4-6 per kg over the next few weeks owing to the Centre’s decision on Wednesday to offload three million tonnes of the grain through a special-sale scheme, said trade and market sources.

However, chances of a big drop seem limited and prices will rule above the 2023-24 (April to March) minimum support price (MSP) of Rs 21.25 per kg.

This could make the Centre’s task to replenish its granaries in the new marketing season difficult unless it announces a bonus over and above the MSP for 2023-24, they added.