India allows small quantities of wheat to be exported after ban

India allows small quantities of wheat to be exported after ban

India has allowed shipments of 469,202 tons of wheat after banning most exports last month, but at least 1.7 million tons are still in ports and could be damaged by impending monsoon rains, citing government and industry officials, Reuters reported.

 

The shipments that were allowed were mostly destined for Bangladesh, the Philippines, Tanzania and Malaysia, the official said.

 

The ban reduced Indian wheat exports to 1.13 million tons in May from a record 1.46 million tons in April, the official said.

 

But even after a certain amount of wheat was shipped, at least 1.7 million tons remained at various ports, three dealers from global trading firms said.

 

Meanwhile, India has received requests for more than 1.5 million tons of wheat from several countries facing shortages.

 

India, the world's second-largest wheat producer, imposed a blanket export ban May 14 as the heat wave cut production and pushed domestic prices to record highs. Exceptions were allowed for shipments secured by letters of credit already issued and for shipments to countries that invited supplies to meet food security needs.

 

Comparable Chicago Mercantile Exchange wheat prices rose 50 percent to more than $13.60 a bushel after the Russian invasion of Ukraine in February halted shipments of nearly a third of global wheat exports, and little has changed for wheat since then.

 

Deteriorating crop prospects in China and parts of Europe, followed by an export ban by a major producer in India, have reduced stocks and exacerbated global food supply problems.

 

The United Nations has warned that the impact of the war on grains, oil, fuel and fertilizer could starve millions of people, a problem that will take years to resolve.





India has allowed shipments of 469,202 tons of wheat after banning most exports last month, but at least 1.7 million tons are still in ports and could be damaged by impending monsoon rains, citing government and industry officials, Reuters reported.

 

The shipments that were allowed were mostly destined for Bangladesh, the Philippines, Tanzania and Malaysia, the official said.

 

The ban reduced Indian wheat exports to 1.13 million tons in May from a record 1.46 million tons in April, the official said.

 

But even after a certain amount of wheat was shipped, at least 1.7 million tons remained at various ports, three dealers from global trading firms said.

 

Meanwhile, India has received requests for more than 1.5 million tons of wheat from several countries facing shortages.

 

India, the world's second-largest wheat producer, imposed a blanket export ban May 14 as the heat wave cut production and pushed domestic prices to record highs. Exceptions were allowed for shipments secured by letters of credit already issued and for shipments to countries that invited supplies to meet food security needs.

 

Comparable Chicago Mercantile Exchange wheat prices rose 50 percent to more than $13.60 a bushel after the Russian invasion of Ukraine in February halted shipments of nearly a third of global wheat exports, and little has changed for wheat since then.

 

Deteriorating crop prospects in China and parts of Europe, followed by an export ban by a major producer in India, have reduced stocks and exacerbated global food supply problems.

 

The United Nations has warned that the impact of the war on grains, oil, fuel and fertilizer could starve millions of people, a problem that will take years to resolve.