India bans wheat exports with immediate effect

0
44
  • India has prohibited wheat exports with immediate effect, the government said in a notification late on Friday.
  • The world’s second-biggest wheat producer is trying to calm local prices.
  • Global buyers were banking on the world’s second-biggest wheat producer for supplies after exports from the Black Sea region plunged following Russia’s invasion of Ukraine in late February.

“And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6;6

Wheat sacks at a Punjab Grains Procurement Corp. facility in the Ludhiana district of Punjab, India, on Sunday, May 1, 2022. A blistering heat wave has scorched what fields in India, reducing yields in the second-biggest grower and damping expectations for exports that the world is relying on to alleviate a global shortage. Photographer: T. Narayan/Bloomber

 

India banned wheat exports with immediate effect on Saturday, just days after saying it was targeting record shipments this year, as a scorching heatwave curtailed output and local prices hit an all-time high amid strong export demand.

The government said it would still allow exports for letters of credit that have already been issued and on the request from countries that are trying “to meet their food security needs.”

Global buyers were banking on the world’s second-biggest wheat producer for supplies after exports from the Black Sea region plunged following Russia’s invasion of Ukraine in late February. Prior to the ban, India was targeting to ship out a record 10 million tonnes this year.

Read More @ CNBC HERE

This site uses Akismet to reduce spam. Learn how your comment data is processed.