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A USDA FAS report forecasts India's 2023/24 wheat production at 108 million metric tons, up from 100 million mt in 2022/23, on 4.6% more planted area. The forecast cites favorable weather and sufficient soil moisture, and it notes that higher minimum support prices should encourage planting.
A larger expected Indian crop next season reduces import needs and export pressure in world wheat markets, which is bearish for prices.
ukragroconsult.comApr 10, 2023After 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.
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.
