New wheat crop arrivals start in many states

The arrival of the newly harvested wheat crop has started in the mandis in states such as Gujarat, Madhya Pradesh, Uttar Pradesh and Maharashtra, according to traders. Wheat prices have been in the range of ₹2,300-2,500 per quintal against the minimum support price (MSP) of ₹2,125 per quintal for the 2023-24 marketing season.

"The prices in the mandis have corrected with the arrival of the new crop and the government's decision to offload wheat from its own stock," said Mohit Upadhyay, managing partner, HMV Agro.

The daily arrival of wheat in the mandis has ranged between 300-500 bags and is expected to increase in the next fortnight. The total arrival of wheat in the mandis from February 1-16 was 358,897 kg, 19% higher than 302,720 kg a year ago. "The arrivals have increased as the wheat sowing started early this year compared with last year and the increase in day temperatures resulted in early maturity of the crop," said Rajiv Yadav, senior V-P, Origo Commodities, an agri commodity firm.