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Mar 23, 2017POLICYIndia

May Reimpose Import Duty On Wheat: Union Minister Ram Vilas Paswan

India's Food Minister Ram Vilas Paswan said the government is considering reimposing an import duty on wheat to protect farmers. He noted that duty was removed in December after a hailstorm had cut output.

He said the record 2016-17 crop of 96.64 million tonnes and 6.5 million tonnes of stock make a decision likely soon.

WHY IT MATTERS

A reimposed duty would cut India's wheat imports, reducing demand on the world market and pressuring export prices. Domestic Indian prices would firm relative to world prices.

AFFECTSWHEAT▼

SOURCE
ndtv.comPress Trust of IndiaMar 23, 2017

Price reaction & history

WHEAT▼bearishSO FAR1d -0.1%5d +2.4%20d +1.5%

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.

Aug 12, 2017No plans to raise wheat import duty from current 10 per cent: Paswan | No plans to raise wheat import duty from current 10 per cent: Paswan+0.4%
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%
Mar 22, 2017Govt considering imposing import duty on wheat: Agri Secy | Govt considering imposing import duty on wheat: Agri Secy+2.2%
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%

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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