• online ordering system for restaurants
  • The best online ordering systems for restaurants
  • WATCH LIVE LIVE
    MTV
    ONETV
  • NEWSCASTS
  • بالـعـربـيـة
  • PROGRAMS SITE
  • HOME
  • Politics
    • Local
    • International
    • Army: Enemy gunboat breaches Lebanese waters off Ras Naqoura
      Army: Enemy gunboat breaches Lebanese waters off Ras Naqoura
    • Bassil from Byblos: We crossed paths with other parliamentary blocs over the name of Azour, among other candidates
      Bassil from Byblos: We crossed paths with other parliamentary blocs over the name of Azour, among other candidates
    • Agriculture Minister to receive his Syrian counterpart tomorrow
      Agriculture Minister to receive his Syrian counterpart tomorrow
    • Russian air strikes repelled over Kyiv, but hit regional airfield
      Russian air strikes repelled over Kyiv, but hit regional airfield
    • Landslide in China's Sichuan province kills 14, leaves 5 missing
      Landslide in China's Sichuan province kills 14, leaves 5 missing
    • China seeks dialogue, says clash with US would be 'unbearable disaster'
      China seeks dialogue, says clash with US would be 'unbearable disaster'
  • Business
      Business
    • Hong Kong launches retail-friendly rules for crypto exchanges
      Hong Kong launches retail-friendly rules for crypto exchanges
    • Saudi Arabia may cut Arab Light crude prices for Asia to 20-month low
      Saudi Arabia may cut Arab Light crude prices for Asia to 20-month low
    • Elon Musk's private jet has landed in Beijing
      Elon Musk's private jet has landed in Beijing
  • Life
    • Health
    • Beauty
    • Nutrition
    • Every Canadian Cigarette Will Soon Carry a Health Warning
      Every Canadian Cigarette Will Soon Carry a Health Warning
  • Stars
      Stars
    • Queen’s Music Catalog Could Sell for Over $1 Billion
      Queen’s Music Catalog Could Sell for Over $1 Billion
    • Taylor Swift fans report 'amnesia' following Eras show
      Taylor Swift fans report 'amnesia' following Eras show
    • US actor Danny Masterson found guilty on two rape counts
      US actor Danny Masterson found guilty on two rape counts
  • Varieties
      Varieties
    • Massive Water Plume Erupting from Saturn’s Moon Enceladus
      Massive Water Plume Erupting from Saturn’s Moon Enceladus
  • Sports
      Sports
    • Lionel Messi Bows Out As Paris Saint-Germain Slump
      Lionel Messi Bows Out As Paris Saint-Germain Slump
    • Man City's Gundogan scores fastest FA Cup final goal
      Man City's Gundogan scores fastest FA Cup final goal
    • Spanish Defender Sergio Ramos to Leave Paris St-Germain
      Spanish Defender Sergio Ramos to Leave Paris St-Germain
  • Special Reports
  • {{item.keyword}}
NEWS {{results.articlesCount}}
  • {{item.title}}

More
  • بالـعـربـيـة
  • HOME
  • Politics
    • Local
    • International
  • Business
  • Life
    • Health
    • Beauty
    • Nutrition
  • Stars
  • Varieties
  • Sports
  • Special Reports
  • ABOUT MTV
  • PRODUCTION
  • ADVERTISE
  • CAREERS
  • CONTACT
  • PROGRAMS SITE
  • NEWSCASTS
  • MTV LIVE
  • ONE TV LIVE

MOST READ

  • {{article.title}}

India bans wheat exports as heat wave hurts crop, domestic prices soar

Reuters

Reuters

14 May 2022 13:58

  • A-
  • A+
A+
India bans wheat exports as heat wave hurts crop, domestic prices soar

India banned wheat exports on Saturday, just days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices soared to an all-time 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".

Global buyers were banking on supplies from the world's second-biggest wheat producer after exports from the Black Sea region plunged following Russia's Feb. 24 invasion of Ukraine. Before the ban, India had aimed to ship a record 10 million tonnes this year.

Although it is not one of the world's top wheat exporters, India's ban could drive global prices to new peaks given already tight supply, hitting poor consumers in Asia and Africa particularly hard.

"The ban is shocking," a Mumbai-based dealer with a global trading firm said. "We were expecting curbs on exports after two to three months, but it seems like the inflation numbers changed the government's mind."

Rising food and energy prices pushed India's annual retail inflation near an eight-year high in April, strengthening expectations that the central bank would raise interest rates more aggressively.

Wheat prices in India have risen to record highs, in some spot markets hitting 25,000 rupees ($320) per tonne, well above the government's minimum support price of 20,150 rupees.

Rising fuel, labour, transportation and packaging costs are also boosting the price of wheat flour in India.

“It was not wheat alone. The rise in overall prices raised concerns about inflation and that’s why the government had to ban wheat exports,” said a senior government official who asked not to be named as discussions about export curbs were private.

“For us, it’s abundance of caution,” he said.

TWEET YOUR COMMENT

KEEP READING

ALSO READ

COOKIES DISCLAIMER
This website uses cookies to give you the best experience. By continuing to browse this site, you give us your consent for cookies to be used. For more information, click here.
Accept All Cancel
NEWSLETTER

UPDATES BY EMAIL no spam. unsubscribe anytime

CONNECT
  • @mtvlebanon Follow @mtvlebanon
  • mtvlebanon
  • mtvlebanonnews
  • @mtvlebanonnews Follow @mtvlebanonnews
  • mtvlebanonnews
  • mtvlebanon
DOWNLOAD
WHATSAPP Service
Stay Up-To-Date with our latest news!
  • ABOUT MTV
  • PRODUCTION
  • ADVERTISE
  • CAREERS
  • CONTACT
  • Terms
  • Privacy Policy
NEWS
  • Politics
  • Business
  • Life
  • Stars
  • Varieties
  • Sports
  • Special Reports
  • Authors
PROGRAMS
  • Today
  • This week
  • WATCH LIVE
  • HOW TO WATCH MTV

© mtv Lebanon. All rights reserved.

Ⓚ website by koein