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The Food Corporation of India has bought 20.0 million mt of wheat from farmers so far in the 2021-22 marketing season that began April 1, more than four times the same period last year. Government purchases are seen reaching 42.7 million mt in 2021-22.
Heavier state procurement tightens India's exportable wheat supply, which could lift global wheat export prices at a time when global inventories are at two-year lows.
spglobal.comApr 26, 2021After 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.
After 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% 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.
