Wheat export ban India: Wheat costs hit document excessive after Indian export ban

Wheat costs surged to a brand new document excessive on Monday after India determined to ban exports of the commodity as a heatwave hit manufacturing. The value jumped to 435 euros ($453) per tonne because the European market opened.

International wheat costs have soared on provide fears since Russia‘s February invasion of agricultural powerhouse Ukraine, which beforehand accounted for 12 p.c of world exports.

The spike, exacerbated by fertiliser shortages and poor harvests, has fuelled inflation globally and raised fears of famine and social unrest in poorer nations.

India, the world’s second-largest wheat producer, stated on Saturday that it was banning exports after its hottest March on document.

New Delhi stated elements together with decrease manufacturing and sharply greater world costs meant it was apprehensive in regards to the meals safety of its personal 1.4 billion folks.

Export offers agreed earlier than the directive issued on Could 13 may nonetheless be honoured however future shipments wanted authorities approval, it stated.

Nonetheless, exports may additionally happen if New Delhi accredited requests from different governments “to fulfill their meals safety wants”.

India, which possesses main buffer shares, beforehand stated it was prepared to assist fill a number of the provide shortages brought on by the Ukraine warfare.

The export ban drew sharp criticism from the Group of Seven industrialised nations, which stated that such measures “would worsen the disaster” of rising commodity costs.

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