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India's food minister said FCI foodgrain reserves are about twice the required level of 41.1 million tonnes as of June 1. The government has procured over 76 million tonnes of rice and wheat this year.
FCI plans to sell 10 million tonnes of wheat to bulk consumers this fiscal year, over 40% more than last year.
Large Indian state stocks and planned wheat sales add supply to world markets and cap upside in wheat and rice prices. The surplus is a bearish factor for international grain buyers.
business-standard.comPress Trust of IndiaJun 7, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
