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Export stop from India: Wheat price rises to a new record

2022-05-16T11:51:07.857Z

First Russia's war, now India has banned most exports: Wheat is becoming an increasingly scarce commodity on the world market. Millions of tons are stored in Ukraine.



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Wheat transport in Amritsar, India

Photo: NARINDER NANU / AFP

The price of wheat bread has risen to a new high: in European trading on the Euronext stock exchange, a ton cost 435 euros in the morning.

The reason is the wheat export ban announced by India on Saturday.

India is the second largest wheat producer in the world, in 2021 the country exported 110 million tons.

Unfortunately, India is now suffering from a heat wave, and the wheat harvest is likely to be correspondingly poor.

The yield estimate for this year has already been revised downwards.

The government wants to ensure security of supply in the country.

However, Trade Minister Shri Subrahmanyam emphasized that exports will continue to be permitted with the express permission of the government: "We do not want wheat to be sold unregulated and then either hoarded or not used for the purposes we hoped for: namely the needs of vulnerable states and vulnerable people to alleviate."

The war in Ukraine has led to a shortage of wheat on the world market and thus to sharply rising prices.

According to the Federal Ministry of Agriculture, 20 million tons of grain are stored in Ukraine, which cannot be exported due to blocked delivery routes and ports.

The coming harvest could bring up to 40 million tons of grain.

The war prevented sowing in many places.

ssu/AFP

Source: spiegel

All business articles on 2022-05-16

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