Indian Economy News

Wheat jumps most in three weeks as India weighs export limits

Wheat has risen to its highest level in over three weeks as India contemplates limiting exports of the critical grain, putting further strain on supplies at a time when the world is becoming increasingly concerned about an approaching food crisis.

Senior Indian officials intend to offer a recommendation regarding export limits to Prime Minister Mr. Narendra Modi, who will make the final decision. At a press conference, Food Secretary of India, Mr. Sudhanshu Pandey, stated that there is no need to restrict exports at this time because the country has enough supply to meet domestic demand.

After Russia's invasion cut off most shipments from Ukraine, a key provider of essentials including wheat, corn, and sunflower oil, the global grain market has been thrown into disarray. India, which has not been a significant exporter in the past because high government crop prices kept its grain at home, is now shipping more as huge importers look for alternatives. Egypt, among other major consumers, recently granted access to Indian wheat.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.