◂ Event Timeline

Nov 10, 2017POLICYBlack Sea

India's wheat import tariff weighs on prices for Black

India's doubling of its wheat import duty to 20 percent is expected to cut its wheat imports from Ukraine to about 1 million tonnes, versus 1.5 to 1.6 million tonnes previously expected by traders. Ukraine exported 5.8 million tonnes of wheat from July to September, of which 360,000 tonnes went to India.

WHY IT MATTERS

Lower Indian demand for Ukrainian and other Black Sea wheat forces exporters to seek other buyers with lower offers, which weighs on Black Sea wheat prices.

AFFECTSWHEAT▼

SOURCE
zmp.deNov 10, 2017

Price reaction & history

WHEAT▼bearishSO FAR1d +0.1%5d +0.9%20d +1.0%

After 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.

Mar 28, 2017Import duty on wheat, dal back | Import duty on wheat, dal back+0.5%
Nov 8, 2017India doubles wheat import tax, imposes 50 per cent tax on peas - Grainews+1.2%
Dec 9, 2022India's ban on rice and wheat exports has been a failure - Nikkei Asia+10.3%
May 27, 2017Import duty on Wheat and Arhar Dal-0.5%
Jan 26, 2023India to release 3 mil mt wheat from government stocks to rein in prices | S&P Global+3.7%

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.

WHEAT · GP ▸

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