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The Indian government will resume open-market sales of FCI wheat from August to restrain prices, with a minimum bulk price of Rs 2,325 per quintal, below the prevailing Rs 2,400. Officials are also considering lifting the ban on some non-basmati rice exports after demands from exporters.
FCI holds 289 lakh tonnes of wheat, and officials say enough will remain for market operations after public distribution needs are met.
Wheat sales from government stocks add supply and put downward pressure on domestic prices. A rice export ban lift would also add supply to world markets.
timesofindia.indiatimes.comDipak K DashJul 10, 2024timesofindia.indiatimes.comDipak K DashJul 10, 2024After 100 past bearish policy events, RICE moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.6%), and +0.1% over 20.
After 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.
