Translated by: MOS English Team-Jack H
India, known as the world’s second largest wheat producer said it will ban export of wheat on the 14th, after the country recorded the highest temperature in March, which leads wheat prices surged to historical high today, jumping to $453 a tonne as European markets opened.
Since Russia’s invasion of Ukraine in this February, global wheat price has soared as concerns of supply shortage. Ukraine is the world’s granary, its wheat export accounts for 12% of global total volume previously.
On the other hand, fertilizer shortage and poor harvest also push up the wheat price further, exacerbating global inflation and intensifying concerns of famine and social turmoil in poor countries.
The Indian government said they are worrying about its domestic 1.4 billion people’s food security owing to the factors of dwindled wheat production locally and the hiked price globally.
India has tremendous buffer stocks of wheat and once said it was ready to help easing supply shortfall caused by the war in Ukraine.
Edited and posted by: Maverick (Janibek L.)
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