Leap in the price of durum wheat, while Russia's war in Ukraine continues.
Prices stood at $ 1,341 per contractual unit of 5 thousand bushels (bushels), up by 4.6%, after hitting a high for the day of $ 1,352.
Soft wheat also rose sharply to $ 1,242, up 5.48%.
"The decision to block the export of wheat is not final and can be revised": said BVR Subrahmanyam, Undersecretary of Commerce of the Indian government, in a virtual meeting with the media, on the surprise stop announced by the Delhi government.
The undersecretary added that the decision is "only a correction, not a change of line with respect to the previous orientations of the Indian government, and that it does not intend to create problems for the markets".
In response to criticism from agriculture ministers of the G7 countries, the undersecretary said that India does not have the power to determine global market prices, and has guaranteed that the blockade will not prevent it from "honoring the commitments already made; in June and July we will authorize the
export of grain orders for which letters of credit have already been signed, and we will respond to countries that ask us for supplies for food security ", he assured. According to Subrahmanyam, at present" we cannot speak of a real crisis in production: due to drought and bad climatic conditions we record a decline of about 3% of the harvest.
But the season is not over, we will have accurate data at the end of July, "he added." Fingers crossed. "India is the second largest wheat producer in the world, but, until recently, it has not had a leading role in the global market, since most of its production is destined for the domestic market.
"On Tuesday and Wednesday I will be in New York with Blinken and the main countries of the international community that are coordinating on the topic of the food crisis, because at the United Nations level we will take a series of initiatives to try to lower the prices of wheat and bread," which are also affecting Italian families, but also in the Mediterranean and North Africa ".
Foreign Minister Luigi Di Maio said on Sunday at 'half an hour more'.
Recalling that on June 8, Italy will host a Mediterranean dialogue at the FAO "for new UN policies to help lower the price of food raw materials".