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India's government said it will offload 3 million tonnes of wheat through the Open Market Sale Scheme and sales to state governments and cooperatives to cool rising wheat and atta prices. The reply to Parliament also recounted earlier curbs, including the May 2022 wheat export ban and 20% duty on non-basmati rice.
Releasing state stocks adds domestic wheat supply, which should ease Indian flour and wheat prices. Continued export restrictions keep Indian supply out of world markets, which supports international wheat prices.
pib.gov.inFeb 10, 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.
