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LATEST NEWS UPDATES | Wheat caught in crossfire: How an export ban is affecting wheat prices -Dipu Rai

Wheat caught in crossfire: How an export ban is affecting wheat prices -Dipu Rai

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published Published on May 18, 2022   modified Modified on May 19, 2022

-IndiaToday.in

How is the wheat export ban affecting its price in the domestic market?

From war to heatwaves and floods to drought, wheat, a crucial global food, is under attack and is getting more expensive day by day. India was seen as a collateral beneficiary after the Russia-Ukraine war, but bread became more costly after a ban on its global sales. But this price change is working differently in the Indian domestic market.

* India exported nearly six times more wheat in April than last year in the same month. In May, wheat exports are likely to decrease as wheat exports have been limited.

* The Government of India expects five per cent lower wheat harvesting due to the heatwaves.

* After India suspended global sales, wheat prices jumped internationally even as they started plunging in the domestic market.

* Apart from India, wheat production is expected to fall elsewhere as well, including Ukraine, Australia, the EU, and China.

* Government wheat procurement was almost half (161.95 lakh metric tonnes) of what it was in the previous year (288.42 LMT) as of May 1.

WHY IT MATTERS: The wheat supply shortage could have been poised to drive up bread prices and lead to social unrest. The government halted overseas sales to manage its potential food security.

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IndiaToday.in, 18 May, 2022, https://www.indiatoday.in/diu/story/wheat-export-ban-india-affecting-wheat-prices-1951023-2022-05-18?fbclid=IwAR1vBXmwufFSjHX156DK4Gg-VZ2McusNo0wF_qSDxHAzxbRrTmNju7h1-cU


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