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A USDA GAIN report forecasts India's 2020-21 rice crop to reach a record 120 million tonnes on good monsoon rains and yields. Rice exports are projected to rise 18% to 12.3 million tonnes for 2019-20 on strong demand and competitive prices, especially for coarse rice.
USDA also kept its record wheat production forecast of 107.6 million tonnes unchanged.
A record Indian rice crop and rising exports add supply to global markets, pressuring rice prices, while the unchanged wheat forecast leaves wheat balances steady.
world-grain.comHolly Demaree-SaddlerNov 6, 2020After 87 past bearish report events, RICE moved a median +0.0% over 5 sessions (53% higher; middle half -2.1% to +2.4%), and +1.1% over 20.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
