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India's cabinet committee on economic affairs approved removing quantitative ceilings on organic agricultural and processed products. Exports of organic goods are now unrestricted regardless of any restriction on their non-organic basic product.
Ceilings on organic pulses and lentils remain, though the limit was raised from 10,000 to 50,000 tonnes.
Removing the ceilings on non-organic wheat and non-basmati rice removes a barrier to Indian exports, which adds supply to world markets and is mildly bearish for rice prices. The effect on feed-grade commodities is likely small because the change mainly targets certified organic products.
indianexpress.comArnab MitraMar 31, 2017After 100 past bearish policy events, RICE moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.6%), 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.
