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Bloomberg reports that the USDA expects India to ship a record 7 million tonnes of wheat in 2021-22, more than double the prior season. Surging prices among major exporters and Russian export restrictions have made Indian supply more attractive.
Cargoes are gaining ground in nearby markets such as Bangladesh.
A record Indian export pace adds competing supply in Asian markets, but it also reflects tight global wheat demand that supports prices. Buyers are substituting Indian wheat for disrupted origins.
livemint.comBloombergFeb 10, 2022After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), 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.
