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The June WASDE cut India's 2022-23 wheat exports by 2 million tonnes to 6.5 mt after the government restricted shipments. Indian production was cut 2.5 mt to 106 mt on heat damage, while Russia's wheat production and exports were raised.
Lower Indian exports tighten global wheat supply, but Russia's larger and competitive exports offset much of that effect. Overall the report is largely neutral for wheat prices.
graincentral.comGrain CentralJun 13, 2022After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
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.
