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USDA's Foreign Agricultural Service projects India's 2017-18 food grain output at a record 279.5 million tonnes, above the prior estimate of 277.5 million. Record rice, wheat, corn and pulse production is expected, supported by monsoon rains and government policy.
India also raised the basic customs duty on wheat to 30% to protect domestic growers.
Larger Indian harvests and higher import duties reduce India's need for imported wheat, corn and pulses, which is bearish for global grain demand and prices.
world-grain.comSusan ReidyJun 13, 2018After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 87 past bearish report events, Rough Rice moved a median +0.0% over 5 sessions (53% higher; middle half -2.1% to +2.4%), and +1.1% 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.
