28.2 C
Accra
Friday, March 14, 2025
WorldUkraine war: Global wheat prices jump after India export ban

Date:

Ukraine war: Global wheat prices jump after India export ban

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 after a heatwave hit India’s wheat crops, taking domestic prices to a record high.

The cost of everything from bread and cakes to noodles and pasta has risen in recent months as wheat prices soared on world commodity markets.

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.

However, the decision has been criticised by agriculture ministers from the Group of Seven (G7) nations meeting in Germany.

“If everyone starts to impose export restrictions or to close markets, that would worsen the crisis,” German food and agriculture minister Cem Ozdemir said.

The G7 is an organisation of the world’s seven largest so-called “advanced” economies, which dominate global trade and the international financial system. They are Canada, France, Germany, Italy, Japan, the UK and the United States.

Although India is the world’s second-biggest wheat producer, it has not previously been a major exporter as most of its crop is sold on domestic markets.

But Ukraine’s wheat exports plunged after the Russian invasion. And with droughts and floods threatening crops in other major producers, commodity traders were expecting supplies from India to make up for part of the shortfall.

Before the ban, India had aimed to ship a record 10 million tonnes of wheat this year.

Source: BBC

[forminator_poll id="710479"]

Latest stories

Over 1,000 Northern School of Business SHS students affected after windstorm attack

A fierce windstorm on Wednesday night has affected over...

3 Ghanaians to be deported from US in March, April – Ablakwa

Three Ghanaians in the United States are set to...

100 deportation cases involving Ghanaians either under appeal or dismissed – Ablakwa

Foreign Affairs Minister Samuel Okudzeto Ablakwa has disclosed that...

Over 17,000 MoMo businesses collapsed due to E-levy – MoMo Agents Association

General Secretary of the Mobile Money Agents Association of...

50 Ghanaians set to be deported from US mid-2025 – Foreign Minister

Ghana’s Foreign Minister, Samuel Okudzeto Ablakwa, has disclosed that...

150 Ghanaians in US detention centres awaiting deportation – Ablakwa

Update from Washington Mission indicates that there are currently...

Passport application fees reduced from GHS500 to GHS350 – Ablakwa

Foreign Affairs Minister Samuel Okudzeto Ablakwa has announced a...

Related stories