5/14, 8:04 AM (Source: TeleTrader)
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India suspends wheat exports

India is stopping wheat and onion seed exports with immediate effect, the Ministry of Commerce and Industry announced on Saturday. The decision was justified by a "sudden spike in the global prices of wheat arising out of many factors."

The government noted India is "committed to providing for the food security requirements of India, neighboring and other vulnerable developing countries which are adversely affected by the sudden changes in the global market for wheat and are unable to access adequate wheat supplies." The Russia-Ukraine conflict threatens to cause a food crisis, as both countries are major exporters of cereals. The World Bank projected that global food prices will rise by 22.9% in 2022.

Baha Breaking News (BBN) / DJ