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India's government raised its 2016-17 foodgrain output estimate by 2.3 million tonnes to a record 275.68 million tonnes. Record rice at 110.15 million tonnes and wheat at 98.38 million tonnes drove the upgrade, while farm prices of pulses and oilseeds fell sharply.
Record Indian rice and wheat output adds to exportable and domestic supply, adding to bearish pressure on world rice and wheat prices, though a bumper crop may also cut Indian import demand.
business-standard.comSanjeeb Mukherjee, AgenciesAug 16, 2017After 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.
After 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.
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.
