“And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6;6
India banned wheat exports with immediate effect on Saturday, just days after saying it was targeting record shipments this year, as a scorching heatwave curtailed output and local prices hit an all-time high amid strong export demand.
The government said it would still allow exports for letters of credit that have already been issued and on the request from countries that are trying “to meet their food security needs.”
Global buyers were banking on the world’s second-biggest wheat producer for supplies after exports from the Black Sea region plunged following Russia’s invasion of Ukraine in late February. Prior to the ban, India was targeting to ship out a record 10 million tonnes this year.
Read More @ CNBC HERE
Investors on Thursday continued their search for safety and flooded into bonds as the relentless selling persisted in the stock market, pushing Treasury yields lower.
The yield on the benchmark 10-year Treasury note dropped 7 basis points to 2.842% after rising to its highest level since 2018 earlier in the week. The yield on the 30-year Treasury bond moved 5 basis points lower to 2.992%. Yied.
As the sell-off in equities continued, investors moved back into bonds in search of safety. The shift further pushed up bond prices while lowering yields, which move inversely to one another.
April’s consumer price index, released Wednesday, rose 8.3% year-on-year. That was higher than the anticipated 8.1% growth in inflation, but was below March’s 8.5% CPI reading.
The 10-year Treasury yield climbed back above 3% following the release of the report, but then eased back.
Read More @ CNBC HERE
