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India's Food Corporation will sell 3 million tonnes of wheat from government stocks onto the domestic market over two months to curb rising prices. Domestic wheat prices have risen more than 35% year on year after a smaller harvest.
Government wheat stocks are about 3.4 million tonnes above the required buffer.
Releasing state wheat stocks adds domestic supply and should ease local prices, which reduces India's need for imports and export demand pressure on world wheat.
spglobal.comSampad Nandy, Vivien TangJan 26, 2023After 122 past bearish policy events, WHEAT 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.
