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Punjab, Haryana and Uttar Pradesh are reporting lower wheat yields and procurement after heatwaves hit the standing crop. Both Punjab and Haryana are likely to miss procurement targets, and farmers and private buyers are holding or buying grain at higher market prices.
The article links this to rising global demand following disruption from the Russia-Ukraine war.
A smaller Indian crop reduces the exportable surplus India can offer as a substitute for Black Sea wheat, keeping global wheat prices firm.
cnbctv18.comCNBCTV18.comApr 25, 2022After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
