India wheat prices record high despite export ban |
India`s decision to ban wheat exports amidst an acute global shortage in the wake of the Russia-Ukraine war and climate change has caused reverberations across the world. Wheat prices surged to a new record high in European trading on May 16 after India decided to ban exports of the commodity as a heatwave hit production. The price jumped to 435 euros per tonne as the Euronext market opened, up from the previous record of 422 euros reached on 13th May. Global wheat prices have soared on supply fears since Russia`s February invasion of agricultural powerhouse Ukraine, which previously accounted for 12 percent of global exports. The spike, worsened by fertilizer shortages and poor harvests, has fuelled inflation globally and raised fears of famine and social unrest in poorer countries.
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