India has decreed an end to wheat exports, putting more pressure on grain markets roiled by the war in Ukraine and other factors.
The country’s Directorate of Foreign Trade announced the ban on wheat shipments on May 13. Except to some nations that need wheat shipments to fend off widespread food insecurity, India will not export wheat for the foreseeable future.
The move by India, the world’s third largest exporter of wheat, are expected to drive up already high wheat prices. The USDA estimates that global wheat stocks are at the lowest level since 2017.
Indian officials said the measure is needed because the Ukraine war and bad weather are putting pressure on domestic wheat prices. March and April were the hottest in 100 years, causing a 6% drop in India’s crop yield.
