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India bans wheat exports


New Delhi, SANA- India today announced a wheat export ban in an effort to cool domestic prices. Reuters quoted the government

New Delhi-SANA

India today announced a wheat export ban in a bid to cool domestic prices.

Reuters quoted the Indian government as saying that it would "continue to allow shipments of wheat with letters of credit already issued and to those countries that request supplies to meet their food security needs."

India announced a few days ago that it was targeting record shipments this year, as the severe heat wave reduced production, raising domestic prices to their highest levels ever.

Global buyers were relying on India for wheat supplies after exports from the Black Sea region declined due to the Ukraine crisis.

The ban could raise global prices to new records and affect poor consumers in Asia and Africa.

Wheat prices in India rose to a record level, as they reached in some spot transactions to 25 thousand rupees, or 322.71 dollars per ton, compared to the minimum fixed government support price of 20150 rupees.

Last week, India set a record export target for the 2022-2023 fiscal year, which began on the first of last April, noting that it will send trade delegations to countries such as Morocco, Tunisia, Indonesia and the Philippines to explore ways to increase shipments more, but the sharp and sudden rise in temperatures in mid-March means that The size of the crop may be smaller than expected at about 100 million tons or less.

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Source: sena

All business articles on 2022-05-14

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