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India will let the state-run Food Corporation of India sell wheat from its stocks to flour millers and biscuit makers starting next month. The price is 23,250 rupees ($279) per ton, about 12% below prevailing open market prices.
Last year FCI sold a record of more than 10 million tonnes.
Large government wheat sales at a discount add supply to the domestic market and should ease Indian wheat prices. This reduces import demand from exporters such as Russia and Australia.
business-standard.comReutersJul 10, 2024After 122 past bearish policy events, WHEAT moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +1.2%), and +0.4% 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.
