The USDA raised its forecast for Indian wheat exports in 2020-21 to 1.8 million tonnes from 1 million tonnes. It also projected a record 14.4 million tonnes of Indian rice exports for 2020.
A larger Indian export program adds supply to world wheat and rice markets, which could cap prices if it materializes. Higher Indian offers would also pull some Bangladeshi demand away from Russian wheat.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 87 past bearish report events, Rough Rice moved a median +0.0% over 5 sessions (53% higher; middle half -2.1% to +2.4%), and +1.1% 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.