India bans wheat exports as heat wave hurts crop, domestic prices soar - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

  • 📰 SABCNews
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

India banned wheat exports on Saturday days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices hit a record high.

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

“We don’t want wheat trade to happen in an unregulated manner or hoarding to happen,” commerce secretary B.V.R Subrahmanyam told reporters in New Delhi. Wheat prices in India have risen to record highs, in some spot markets hitting 25,000 rupees per tonne, well above the government’s minimum support price of 20,150 rupees.

A spike in temperatures in mid-March means the crop could instead be around 100 million tonnes or even lower, said a New Delhi-based dealer with a global trading firm.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I'm really grateful for all the efforts you have render to me with my little investment of $7000 and with joy over me after withdrawing $70,000 with your help Williamchurch07 thank you for everything you have done for me and my family Williamchurch07

Exactly how is should be done

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 37. in BUSİNESS

Business Business Latest News, Business Business Headlines