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Global wheat prices jump after India export banThe price of wheat on international markets has spiked after Indian banned the export of the cereal staple, the highest it has been in two months.Wheat prices have soared by around 60% on world markets this year, pushing up the cost of everything from bread to noodles.India is the world's second-largest producer of wheat but it has not previously been a major exporter as most of its crop is sold on domestic markets. Government officials also said the ban was not permanent and could be revised.This comes as 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.
The price of wheat on international markets has spiked after Indian banned the export of the cereal staple, the highest it has been in two months.
Wheat prices have soared by around 60% on world markets this year, pushing up the cost of everything from bread to noodles.
India is the world's second-largest producer of wheat but it has not previously been a major exporter as most of its crop is sold on domestic markets. Government officials also said the ban was not permanent and could be revised.
This comes as 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.
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