India’s Export Ban: Price Of Wheat Jumps To 2-Month High

The price of wheat climbed sharply to a two-month high following a temporary export ban by India, the world’s second largest producer.

Bloomberg reports wheat futures on the Chicago Board of Trade rose by around six-percent on Sunday to trade at nearly 13 U.S. dollars per bushel.

India’s ban is aimed at controlling rising domestic prices as a result of heatwave damage to its crops.

Although India is not a major wheat exporter, the move led to a price shock as global wheat trade has already been struggling since Russia’s invasion of Ukraine.

Russia and Ukraine together accounted for a third of global wheat and barley exports.