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A USDA Foreign Agricultural Service attaché report reviews India's second advance estimate for the 2023/24 crop year, forecasting lower grain production on reduced rice, corn and coarse grain output while wheat and barley reach record levels. Rice exports are forecast at 15 MMT and corn exports at 1 MMT.
Lower Indian rice and corn production and reduced export forecasts tighten global supplies, while record wheat and barley output adds pressure to those markets.
fas.usda.govMar 13, 2024After 88 past bullish report events, Rough Rice moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +2.1%), and +2.5% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
