Agriculture

Global Wheat Price Hits Record High After India Bans Export

By
OB Bureau

London: Two days after India decided to ban wheat exports, price of the worldwide staple food commodity surged to a record high in European trading on Monday.

The price jumped to 435 euros ($453) per tonne, up from the previous high of 422 euros on Friday, AFP reported.

Wheat prices have been rising since Russia launched a military operation against Ukraine in February based on supply apprehension. Ukraine, an agricultural powerhouse, accounted for 12% of global wheat exports before being invaded by Russia.

India, on the other hand, is the world’s second-largest wheat producer. The government’s logic to ban exports was that it had to protect food security of its own people because of lower production and rising global prices.

According to Union Commerce Secretary BVR Subrahmanyam, wheat and flour prices have increased by 20 to 40 per cent in some parts of the country in recent weeks.

To protect farmers, the government has extended wheat procurement season till May 31.

India’s decision to ban wheat exports was criticized by Agriculture ministers of G7 industrialised nations.

According to the government notification, wheat can be exported only if the government approves special requests from other countries to meet their food security needs.

OB Bureau

Recent Posts

Another Stone Falls From Jagannath Temple At Khallikote In Odisha’s Ganjam

Berhampur: A stone weighing 2 kg fell from the ‘Singhadwara Gumuta’ of the Lord Jagannath…

November 14, 2024

Sunita Williams Dismisses Rumours About Weight Loss, Explains Her ‘Sunken Cheeks’

New Delhi: Recent pictures of Space Station Commander Sunita Williams from the International Space Station…

November 14, 2024

Payal Rohatgi Calls Out Rupali Ganguly For Dating A Married Man

Mumbai: Actress Rupali Ganguly recently filed a Rs 50 crore defamation case against her stepdaughter…

November 14, 2024

National Hockey: Odisha To Clash With Manipur In Semifinals

Chennai: Odisha will face Manipur in the semifinals of the 14th Hockey India Senior Men’s…

November 14, 2024

India To Push Canada For Extradition Of Arrested Khalistani Terrorist Arsh Dalla

New Delhi: India will again ask Canada for the extradition of designated Khalistani terrorist Arshdeep Singh…

November 14, 2024

School Dropout From West Bengal Arrested For Practising As Ayurvedic Doctor In Odisha’s Berhampur

Berhampur: Police have arrested a man from West Bengal for allegedly claiming himself to be…

November 14, 2024

Manoj Bajpayee Recalls Staying In ‘Hell’, Experiencing Starvation

Mumbai: Carving a niche for himself in Bollywood was not a cakewalk for ‘The Family…

November 14, 2024

After Disapproving Of Ranveer, Mukesh Khanna Rejects Tiger Shroff For ‘Shakitmaan’

Mumbai: Mukesh Khanna’s Indian superhero series ‘Shaktimaan’ has been making headlines for quite some time…

November 14, 2024