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India has asked global and domestic trade houses to avoid buying new-season wheat in order to rebuild state stocks. The country banned wheat exports in 2022 and aims to bolster supplies after dry weather hurt output in 2022 and 2023.
A request to avoid buying new-crop wheat keeps Indian import demand out of the market and reinforces export restrictions, which weighs on international wheat price strength.
reuters.comRajendra JadhavApr 2, 2024After 122 past bearish policy events, Wheat (SRW) 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.
