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Reuters reports that India banned wheat exports, with exceptions for shipments backed by existing letters of credit and for countries requesting supplies for food security. The article notes no dramatic fall in wheat production.
The ban removes a large exporter from world wheat supply, supporting global wheat prices.
reuters.comNigam PrustyMay 14, 2022After 182 past bullish policy events, WHEAT moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), and -0.3% over 20.
After 37 past bullish policy events, KWHEAT moved a median -0.1% over 5 sessions (41% higher; middle half -3.4% to +2.0%), and -3.3% 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.
