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India's export ban fallout: International wheat prices hit record high

The price, which was already high in the wake of Russia's invasion of major wheat exporter Ukraine, jumped to €435 ($453) per tonne as the European market opened

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Workers sift wheat before filling in sacks at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad (Photo: Reuters)

Agencies

2 min read Last Updated : May 17 2022 | 12:53 AM IST

International wheat prices jumped to a record high on Monday as an export ban by India, the latest country to use trade curbs to counter food inflation, threatened to further squeeze world wheat supply strained by the war in Ukraine.

The price, which was already high in the wake of Russia's invasion of major wheat exporter Ukraine, jumped to €435 ($453) per tonne as the European market opened. Benchmark futures in Chicago rose as much as 5.9 per cent to $12.475 a bushel, the highest in two months and within about $1 of the all-time high set just after Russia’s invasion.

Wheat

Topics : wheat Wheat prices food inflation Russia Ukraine Conflict

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