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India raised basic customs duty on wheat from 20% to 30%, on shelled almonds from Rs 65/kg to Rs 100/kg, and on walnuts in shell from 30% to 100%. Australian exporters were advised of the new rates in an industry notice dated May 29, 2018.
A higher Indian import duty on wheat reduces demand from one of the world's larger importers and is bearish for exporters such as Australia. The move also signals tighter Indian import policy.
agriculture.gov.auMay 29, 2018After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), 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.
