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India's food ministry expects central wheat stocks to fall to about 7.7-7.8 million tonnes by April 1, close to the 7.4 million tonne buffer and a 16-year low. The government has sold about 8 million tonnes in the open market to curb prices and asked states to prepare for early procurement, after procurement fell well short of targets.
Heavy Indian state selling and low stocks reduce the country's cushion and may lead to larger import demand or early procurement that tightens domestic supply, supporting wheat prices.
ukragroconsult.comFeb 20, 2024After 182 past bullish policy events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), and -0.3% 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.
