India bans wheat exports as heat wave hurts crop, domestic prices soar

MUMBAI, May 14 (Reuters) - India banned wheat exports on Saturday days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices hit a record high.

The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies "to meet their food security needs".

The move to ban overseas shipments was not in perpetuity and could be revised, senior government officials told a press conference.

Global buyers were banking on supplies from the world's second-biggest wheat producer after exports from the Black Sea region plunged following Russia's Feb. 24 invasion of Ukraine. Before the ban, India had aimed to ship a record 10 million tonnes this year. read more

The officials added that there was no dramatic fall in wheat output this year, but unregulated exports had led to a rise in local prices.

Leave a Comment