Not just India, many countries are protecting their wheat to keep daily bread, affordable
As food prices rise around the world due to the war, extreme weather and inflation, more countries are putting these kinds of
At least 43 such protectionist measures have been implemented since the Russian invasion, according to data cited by the
These include restrictions put in place by Russia and its ally, Belarus, along with Indonesia's ban on palm oil exports and China's prohibition on fertiliser exports.
Wheat prices surged to near record-high levels Monday after
"These measures threaten to further tighten global supplies, and will create price pressure on food as we head further into 2022," Kelly Goughary, a senior research analyst at Gro Intelligence, told Axios.
Goughary has not seen this level of export controls in her 15 years in the industry.
Russia's invasion of Ukraine cut off exports from that region -- responsible for more than a quarter of the world's supply -- and sent buyers scrambling to find other source countries, like India.
India is the ninth-largest wheat exporter in the world, according to USDA stats, Axios reported.
Initially, Indian officials said the country would increase wheat production, before reversing course on Saturday.
AdvertisementThere are few commodities more important than wheat, Axios reported. Rising prices for bread have led to social unrest throughout history from the French and Russian revolutions to the Arab spring.
More headwinds in the wheat market are coming, Goughary said. There are issues with drought in France that could drive up prices, while production in the US is down.
The US is not a big exporter of wheat because it's too costly to ship overseas, but it's a supplier of "last resort", she added.
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