Wheat Prices Soar To Record High After India Export Ban

As the European market opened, the price, which was already high following Russia's invasion of key wheat exporter Ukraine, soared to 435 euros per tonne.

Representational Image. (Source: Getty Images)

New Delhi: Wheat Prices soared to record high after India on Sunday banned the export of the commodity in view of the scorching heatwaves curtailing its production, news agency AFP reported. 

As the European market opened, the price, which was already high following Russia's invasion of key wheat exporter Ukraine, soared to 435 euros per tonne.

Addresing the press conferrence, senior government officials said,"The move to ban overseas shipments was not in perpetuity and could be revised," news agency Reuters reported

India expressed concern over the food security of its 1.4 billion people, citing reasons such as decreased supply and dramatically increased world prices, AFP reported.

Export agreements made before the May 13 decision will still be honoured, but future shipments would require government clearance, it added.

Exports might still take place, though, provided central government's approval to the requests made by foreign nations to "meet their food security demands."

India, which has large buffer supplies, previously stated that it is willing to assist in alleviating some of the supply shortages created by the Ukraine conflict.

According to a May 13 statement, the government would ban export sales to manage domestic food security. The agriculture ministers of the G7 nations reacted angrily, claiming that such policies exacerbated the global situation.

After the G7's criticism, China defended India, stating that criticising developing nations like India will not address the global food situation. "Blaming India won't solve the food problem," Global Times (a Chinese government outlet) reported. 

(With Agencies Inputs)