India Boosts Wheat Procurement Price Amid Monsoon Fears
India's government has increased the minimum support price (MSP) for new-season wheat to ₹2,610 per 100 kg, up from ₹2,585 last year. The move aims to boost domestic reserves and potentially increase exports ahead of the October-November sowing season.
The crop is expected to be harvested from March, and its production depends heavily on irrigation and soil moisture following the monsoon. Concerns have emerged over the upcoming crop after India recorded its lowest monsoon rainfall in more than a decade, with June-September rainfall 12.6% below average.
The government has also raised the procurement price for new-season rapeseed to ₹6,613 per 100 kg from ₹6,200. Higher rapeseed production could help reduce India's reliance on imported vegetable oils, as the country currently meets nearly two-thirds of its vegetable oil demand through imports.