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.
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