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Aug 12, 2017POLICYIndia

No plans to raise wheat import duty from current 10 per cent: Paswan

India's Food Minister said there are no immediate plans to raise the 10% wheat import duty imposed in March to curb shipments after record 2016-17 output of about 97.44 million tonnes. Domestic supplies are described as adequate, with government procurement at 30.8 million tonnes.

WHY IT MATTERS

Keeping the duty in place limits Indian wheat import demand, which is mildly bearish for world wheat prices, while Australian and Ukrainian prices have risen on tighter supply.

AFFECTSWHEAT▼

SOURCE
deccanchronicle.comDC CorrespondentAug 12, 2017

Price reaction & history

WHEAT▼bearishSO FAR1d +1.4%5d +0.4%20d -0.1%

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.

Apr 30, 2017No immediate plans to hike import duty on wheat to 25 pc: Govt | No immediate plans to hike import duty on wheat to 25 pc: Govt+2.3%
Mar 23, 2017May Reimpose Import Duty On Wheat: Union Minister Ram Vilas Paswan+2.4%
Nov 8, 2017India doubles wheat import tax, imposes 50 per cent tax on peas - Grainews+1.2%
Mar 28, 2017Import duty on wheat, dal back | Import duty on wheat, dal back+0.5%
May 27, 2017Import duty on Wheat and Arhar Dal-0.5%

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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