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Indian government sources said the 2022-23 wheat harvest estimate could be cut by 1-2 million mt from 112.2 million mt after unseasonal showers and hail damaged crops in Punjab, Uttar Pradesh and Madhya Pradesh. Market analysts already view the official estimate as too high, with independent expectations of 107-108 million mt.
Lower Indian wheat output reduces exportable supply and could firm global wheat prices, though the export ban limits direct export effects.
ukragroconsult.comApr 3, 2023After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
