Wheat prices surged to a two-year high while shares in European brewers and food producers fell on Friday as markets reacted to the sudden imposition of a ban on grain exports from drought-hit Russia. Russian Prime Minister Vladimir Putin moved decisively on Thursday to halt exports of grain and flour from August 15 to the end of the year and the country’s railroad monopoly said on Friday it will stop loading...

India’s monsoon rains were about 3% above normal in July, the highest for the month since 2005, making a repeat of last year’s crop failure and food-led inflation surge unlikely. Heavy rain since the third week of July has brought readings above normal for the first time this monsoon season, according to weather office data, wiping out the seasonal shortfall in almost all major grain areas other than in the east...

The official line is simple. Since we cannot afford to feed all the hungry, there must only be as many hungry as we can afford to feed. There was irony in the timing of the petrol price decontrol order. The decision, which also covered major hikes in diesel and kerosene prices, and affects hundreds of millions of people, came even as Manmohan Singh advised world leaders in Toronto on the need...

India's anxiety over erratic monsoon rains will become more acute as rising incomes and a growing population push up demand for farmed produce faster than supply, turning the nation into a major importer within 5 years. Forecasts of a normal monsoon this year have stirred hopes for smooth supplies and low inflation, reversing setbacks from last year's poor rains. But the country must boost yields if it is to feed...

Wheat prices started showing a downward movement today after an Empowered Group of Ministers (EGoM) headed by FM Pranab Mukherjee okayed the release of an additional 30 lakh tonnes of wheat and rice for the poor, over and above the current PDS allocation, for the next six months. The most-active wheat contract was reportedly trading around 0.60% lower at Rs 1,158.40/qtl on the back of fresh selling in anticipation of...