Business Maverick: Wheat soars in risk to food inflation as India restricts exports

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Wheat jumped by the exchange limit after India’s move to restrict exports, exposing just how tight global supplies are after the war in Ukraine and threatening to drive up food prices even more. Now, India has announced it will suspend overseas sales to...

This drew criticism from the agriculture ministers of the Group of Seven nations, who said that such measures make the world’s crisis worse.

The surprising thing is that India isn’t even a prominent exporter on the world stage. The fact that it could have such a major impact underscores the bleak prospect for global wheat supplies. War has crippled Ukraine’s exports, and now droughts, floods and heat waves threaten crops in most major producers.

India’s decision to halt wheat exports came as a record-breaking heat wave parched the crop during a crucial period, spurring estimates of slumping yields. The output risk created afor India, which has tried to fill the gap as the shortfall in Ukraine’s exports push buyers toward alternative origins.

India will approve exports to countries that require wheat for food security needs and based on the requests of their governments. It will also allow shipments for which irrevocable letters of credit have been issued. Its supplies“Directing the wheat exports through government channels would not only ensure fulfilling the genuine needs of our neighbours and food-deficit countries, but also control inflationary expectations,” India’s food ministryThat view may be called into question.

 

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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.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. Exactly how is should be done 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
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