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India's monsoon this year was its wettest in 25 years, and this could lift its 2020 wheat output to a record. Export offers from India are priced above $300 a tonne FOB, while competing origins are available below $250 a tonne.
The dealer comments suggest Indian wheat would struggle to compete in export markets at current prices.
A record Indian wheat crop would add supply to a global market already priced competitively, pressuring wheat export prices. Higher Indian output also reduces import needs in the region.
reuters.comRajendra JadhavNov 29, 2019After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
