Breaking News

India on Saturday announced curbs on the export of wheat due to sudden spike in the global prices. In an order, the government said the move was made in order to “manage the overall food security of the country and to support the needs of the neighbouring and other vulnerable countries”.

“The government of India is committed to providing for the food security requirements of India, neighbouring 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 government’s order said.

“There is a sudden spike in the global prices of wheat arising out of many factors, as a result of which the food security of India, neighbouring and other vulnerable countries is at risk,” it said.

Wheat demand: India sees spike in Atta prices

  • Wheat prices have surged globally and India saw highest spike in atta prices in April. The Atta prices in India saw the highest surge last month since January 2010 as the production and stocks of wheat saw a dip in the country.
  • India’s stock of wheat is significantly higher than the strategic and operational requirements, and the prices in the country have skyrocketed mainly due to this. The total wheat production in India during the year 2022-23 is projected to touch 1050 LMT.
  • Early onset of summer and heatwave in India in key wheat growing regions have reportedly reduced crop yields. Excessive heat typically shrivels grains in the maturity stage.
  • Atta prices have been rising as both production and stocks of wheat have fallen in India. Demand from overseas markets have risen Ukraine and Russia, currently involved in a raging war, are some of the major producers of the commodity.
  • Riding on a possible supply disruption of wheat as the tensions between the two countries simmered, export demand for the foodgrain got a fresh push.

Leave a Reply

Your email address will not be published. Required fields are marked *

Share Article: