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India's agriculture minister says wheat production is in surplus and that the country will export wheat. NAFED has been directed to ship 50,000 tonnes to Afghanistan and 40,000 tonnes to Lebanon under government-to-government deals.
The announced volumes are small relative to global wheat trade, so the price effect is modest. The move signals that India is willing to export wheat, which adds some supply.
thestatesman.comSNSApr 11, 2020After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
