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Business

Global wheat prices jump after India export ban

May 16, 2022 4:47 pm

[Source: BBC]

The price of wheat has jumped on international markets after India banned the export of the staple cereal.

The benchmark wheat index rose as much as 5.9% in Chicago, the highest it has been in two months.

The export ban comes as a heatwave has hit India’s wheat crops, taking domestic prices to a record high.

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Wheat prices have soared by around 60% on world markets this year, pushing up the cost of everything from bread to noodles.

India’s government said it would still allow exports backed by letters of credit that have already been issued, and to countries that request supplies “to meet their food security needs”.

Government officials also said the ban was not permanent and could be revised.