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Indian farmers have planted paddy rice on an area 6% smaller than in 2022, despite average monsoon rains. Industry officials expect the area to decline marginally, even though New Delhi raised the rice purchase price to encourage planting.
A smaller Indian rice area reduces expected output and export availability, supporting global rice prices. It also suggests that the government's price support is not yet offsetting weather and cost concerns.
reuters.comRajendra JadhavJul 18, 2023After 179 past bullish weather events, RICE moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% 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.
