Wheat prices hit a record high after India’s export ban
India has just experienced the hottest March on record due to climate change – Photo: AFP
According to AFP news agency, the price of wheat rose to 435 euros ($453) per tonne in the morning session of May 16 on the European stock exchange Euronext, up from a record 422 euros per tonne just set on 13. -5.
Global wheat prices have surged as a result of the conflict in Ukraine, the world’s main wheat exporter and accounting for 12% of global wheat exports.
Rising wheat prices have fueled global inflation and raised concerns about hunger and social unrest in poorer countries.
On May 14, India – the world’s second largest wheat producer – issued a ban on wheat exports after experiencing a record hot March. Traders need government permission to enter into new transactions.
New Delhi says the ban is necessary to ensure food security for its 1.4 billion people in the face of falling wheat production and rising global prices.
Some parts of India have seen wheat and flour prices increase by 20-40% in recent weeks, according to the Indian Ministry of Commerce.
Due to the sharp increase in global prices, some Indian farmers have sold to traders but not to the government. This has New Delhi worried about its stockpiles of nearly 20 million tons which have been exhausted due to the COVID-19 pandemic and fear of possible famine.
India’s wheat export ban has drawn sharp criticism from the G7, who say such measures will “exacerbate the crisis” with rising commodity prices.
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