Loading…
India's government reversed course on wheat exports and imposed a ban, which sent Chicago wheat futures up by their 6% daily limit on Monday. Trading firms and importers who had counted on millions of tonnes of Indian wheat reaching world markets reacted with alarm.
India is a major wheat supplier, so removing its exports tightens global supply and supports higher wheat prices, which raises feed grain costs for buyers.
reuters.comMay 16, 2022After 182 past bullish policy events, Wheat (SRW) 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, Wheat (HRW) moved a median -0.1% over 5 sessions (41% higher; middle half -3.4% to +2.0%), and -3.3% over 20.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% 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.
