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Below-normal monsoon rains and a fall armyworm infestation have cut India's corn output and raised domestic prices. This raises the chance that the government will grant duty-free corn imports for the first time since 2016, subject to lifting a 60% import tax and accepting only non-GM strains.
If India allows duty-free corn imports, it would add demand to global corn markets and could firm prices. Corn feeds into animal feed, so a shortfall in India matters to feed costs.
reuters.comRajendra JadhavFeb 15, 2019After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
