wheat
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Wheat Prices hits New Record High Since India Bans Export

Wheat prices in the international Market hits Record high after India bans export after the new Low Projections of wheat as the heatwave hits Production. The price, which was already high in the wake of Russia’s invasion of major wheat exporter UkraHowever, China came to India’s defence after G7’s criticism, saying that blaming developing countries like India won’t solve the global food crisis.ine, jumped to 435 euros ($453) per tonne as the European market opened this Monday.

The government will suspend overseas sales to manage its food security, according to a notification dated May 13. This drew criticism from the agriculture ministers of the Group of Seven nations, who said that such measures make the world’s crisis worse.

However, China came to India’s defence after G7’s criticism, saying that blaming developing countries like India won’t solve the global food crisis. Global Times, A chinese Government Outlet said Blaming India won’t solve the food problem threating the food security of the entire world.

Wheat

Now, the agriculture ministers from G7 urge India not to ban wheat exports, then why won’t G7 nations themselves move to stabilize food market supply by hiking their exports?” asked an editorial published in GT.

Although India is the second-largest wheat producer in the world, it accounts for only a small part of global wheat exports. By contrast, some developed economies, including the US, Canada, the EU and Australia, are among major exporters of wheat,” it added.

According to the GT, if some Western countries decide to reduce wheat exports in the wake of a potential global food crisis, they will be in no position to criticize India, a country that faces pressure to secure its own food supply.

Prices have surged around 60% in 2022

Benchmark futures in Chicago rose as much as 5.9% to $12.475 a bushel, the highest in two months and within about $1 of the all-time high set just after Russia’s invasion. 

Prices have surged around 60% this year, increasing the cost of everything from bread to cakes and noodles. In Paris, milling-wheat rose 5.1% to 431.75 euros ($450) per ton, a record for most-active futures.

The surprising thing is that India isn’t even a prominent exporter on the world stage. The fact that it could have such a major impact underscores the bleak prospect for global wheat supplies. War has crippled Ukraine’s exports, and now droughts, floods and heat waves threaten crops in most major producers.

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