
India has formally notified the WTO that its temporary wheat export ban, in place since May 2022, will remain despite a projected record 2024-25 rabi wheat crop of 115.4 million tonnes. Government-to-government exemptions remain possible for food-security needs.
Keeping India out of the export market removes a potential supplier from world wheat trade, which supports global wheat prices.
After 182 past bullish policy events, WHEAT moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), and -0.3% over 20.
After 37 past bullish policy events, KWHEAT moved a median -0.1% over 5 sessions (41% higher; middle half -3.4% to +2.0%), and -3.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.