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Food Secretary Sanjeev Chopra said high temperatures are unlikely to damage the wheat crop, and he is confident of a record 112 million tonne output. He said the export ban will continue and that the government expects to procure around 35 million tonnes in 2023-24.
Wheat prices have eased and are expected to fall further as new crop arrives.
Confidence in a large Indian crop and a continued export ban point to ample Indian supply, which is mildly bearish for world wheat prices.
thehindu.comPTIMar 3, 2023After 122 past bearish policy events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +1.2%), and +0.4% 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.
