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India's second advance estimates show foodgrain output up 8.1% to 271.98 million tonnes in 2016-17. Wheat is estimated at a record 96.64 million tonnes and rice at 108.86 million tonnes.
Pulses and oilseeds are also expected to reach record levels after a normal monsoon.
Record Indian wheat and rice output reduces import needs and adds exportable supply, which is bearish for world grain prices. Higher oilseed output also adds to the domestic meal supply.
in.thedollarbusiness.comMar 8, 2017After 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.
After 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.
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.
