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India's FCI holds stocks well above norms, with 16.99 mt of wheat and 29.29 mt of rice in April. The government ordered the sale of 10 million tonnes of wheat through open market sales, and wheat output is estimated at a record 99.12 mt.
Large Indian government wheat stocks and open-market sales add supply to domestic and possibly export markets, which is bearish for wheat and rice prices.
swarajyamag.comM R SubramaniMay 13, 2019After 122 past bearish policy events, WHEAT moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +1.2%), and +0.4% over 20.
After 100 past bearish policy events, RICE moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.6%), 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.
