Global wheat prices hit record

Global wheat prices hit record: After India banned wheat exports, the price of the essential commodity jumped to a record high in European trading on Monday.

India has banned wheat exports with immediate effect as part of its steps to control the spike in prices at home.

Global wheat prices hit record high after India’s ban on export 

Wheat prices surged to a new record high in European trading on Monday after India decided to ban commodity exports as a heatwave hit production.

The price jumped to 435 euros ($453) per tonne as the Euronext market opened, up from the previous record of 422 euros reached on Friday.

India needs a nodal point for developing a comprehensive trade strategy

Global wheat prices have soared on supply fears since Russia’s February invasion of agricultural powerhouse Ukraine, which previously accounted for 12 percent of global exports.

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

INDIA BANS WHEAT EXPORTS

On Saturday, India, the world’s second-largest wheat producer, said that it was banning exports after its hottest March on record, with traders needing express government approval to enter into new deals.

New Delhi said the move was needed to protect the food security of its own 1.4 billion people in the face of lower production and sharply higher global prices.

Wheat Prices Hit Record High After India Export Ban

Some parts of India have seen prices in wheat and flour jump 20 to 40 percent in recent weeks, Commerce Secretary BVR Subrahmanyam said on Sunday.

Because of the sharp rise in global prices, some farmers were selling to traders and not to the government.

This got the government worried about its buffer stock of almost 20 million tonnes — depleted by the pandemic — needed for handouts to millions of low-income families and to avert any possible famine.

Wheat Prices Hit Record High in Global Markets After India Bans Export

Export deals agreed before the directive issued on May 13 could still be honored but future shipments needed government approval, it said.

However, exports could also take place if New Delhi approved requests from other governments “to meet their food security needs”.

Global wheat prices hit record high after India bans exports

India, which possesses major buffer stocks, previously said it was ready to help fill some of the supply shortages caused by the Ukraine war.

Only last week India said it would send delegations to Egypt, Turkey, and elsewhere to discuss boosting wheat exports. It was unclear whether these visits will now go ahead.

CRITICISM FROM G7

The export ban drew sharp criticism from the Group of Seven industrialized nations, which said that such measures “would worsen the crisis” of rising commodity prices.

India recorded its warmest March on record — blamed on climate change — and in recent weeks has seen a scorching heatwave with temperatures upwards of 45 degrees Celsius (113 Fahrenheit).

This hit farmers in wheat-producing northern India, prompting the government to predict output would fall at least five percent this year from 109 million tonnes in 2021.

Wheat Prices Hit Record High After India Export Ban – NDTV

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10 hours ago — Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

Wheat Prices Hit Record High in Global Markets After India

https://www.india.com › News › World

8 hours ago — The price of wheat jumped to 435 euros (USD 453) per tonne as the European market opened on Monday, reported news agency AFP. India had banned 

Global Wheat Prices Hit Record High After India – The Wire

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7 hours ago — New Delhi: Wheat prices in international markets hit a record high on Monday, May 16, following India’s decision to ban wheat exports in a

Wheat prices hit a record high globally after India’s export ban

https://www.dnaindia.com › World

6 hours ago — International wheat prices jumped on Monday days after India put a ban on the export of the crop. The price jumped to 435 euros ($453) per …

Wheat Prices Hit Record High As India Restricts Exports | Mint

https://www.livemint.com › market › commodities › wh…

10 hours ago — Wheat prices surged to a record high on Monday after India decided to ban commodity exports as a heatwave hit production.

Global wheat prices hit record high after India bans export

https://inshorts.com › news › global-wheat-prices-hit-re.

6 hours ago — after India banned wheat exports earlier this week wheat prices touched a new record high of 435 453 per tonne as the Euronext market opened …

Wheat prices hit record high after India export ban – Deccan

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10 hours ago — Global wheat prices have soared on supply fears since Russia’s February invasion of agricultural powerhouse Ukraine, which previously accounted

Global wheat prices hit record high after India’s ban on export

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2 hours ago — Global wheat prices leaped a record 6% on Monday following India’s decision to restrict overseas sales of the staple, exacerbating a global food …

Global wheat prices hit record high after India bans exports

https://www.indiatoday.in › India

8 hours ago — After India banned wheat exports, the price of the essential commodity jumped to a record high in European trading on Monday.

Global wheat prices hit record high after India puts a ban on export

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Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the commodity as a heatwave hit

The Economic Times

India’s export ban fallout: International wheat prices hit record …

https://www.business-standard.com › News › Markets

2 hours ago — The price, which was already high in the wake of Russia’s invasion of major wheat exporter Ukraine, jumped to €435 ($453) per tonne as the …

Wheat prices hit a record high in EU markets – The Hans India

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1 hour ago — The price, which was already high in the wake of Russia’s invasion of major wheat exporter Ukraine, jumped to 435 euros ($453) per tonne as the

Wheat prices hit a record high after the Indian export ban – Deccan …

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10 hours ago — PARIS: Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

Wheat prices hit a record high: Priority must be on price control …

https://www.freepressjournal.in › Topnews › Business

8 hours ago — The price jumped to 435 euros ($453) per tonne as the Euronext market opened, up from the previous record of 422 euros reached on Friday, the

Wheat prices hit record high after Indian export ban

https://english.mathrubhumi.com › News › Money

7 hours ago — Paris: Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the commodity as 

Wheat prices hit record high after India’s ban on export

https://www.kuwaittimes.com › wheat-prices-hit-record-4 hours ago — PARIS: Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

Global wheat prices hit record high – hi INDiA

https://hiindia.com › 2022 › May › 16 › hi India

2 hours ago — Wheat prices surged to a new record high on Monday after India decided to prohibit exports of the commodity as a heatwave hit production

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