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A USDA FAS report projects India's 2023-24 grain production at 328.85 million tonnes, slightly below last year's record of 329.69 million. Rice and wheat output are at or near record levels, while corn, other coarse grains and pulses are lower.
The report also forecasts 2024-25 wheat output at 113 million tonnes and rice at 138 million tonnes.
Near-record Indian output of rice and wheat limits import demand and keeps export availability high, which is mildly bearish for world grain prices. The effect is limited because the figures are close to last year's levels.
world-grain.comJohn ReidyJul 30, 2024After 50 past neutral report events, Rough Rice moved a median -0.0% over 5 sessions (50% higher; middle half -1.9% to +1.5%), and -1.2% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
