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ITC chairman Sanjiv Puri said India's bans on wheat and rice exports should be short-lived once domestic food supply stabilises. ITC's agriculture business revenue fell 25% in the April-June quarter because of the export bans.
He also flagged El Niño as a key risk to monitor.
The comments signal that the bans may not be permanent, which could eventually add supply back to wheat and rice export markets. Until then, the restrictions continue to support global prices.
business-standard.comBloombergAug 29, 2023After 137 past neutral policy events, WHEAT moved a median -0.4% over 5 sessions (43% higher; middle half -1.9% to +1.2%), and +0.3% over 20.
After 100 past neutral policy events, RICE moved a median +0.0% over 5 sessions (51% higher; middle half -2.6% to +2.3%), and +0.7% 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.
