New Delhi: India has banned the export of wheat, following which its prices in the international market have seen a big rise. The food crisis is deepening as the supply of wheat in the international market has been disrupted. The price of one bushel (1 Bushel - 27.216 KG) of wheat available in the global market has risen by 5.9 per cent to $12.47 in Chicago. Wheat prices in the global market have increased by about 6 per cent following India's export ban.
Russia and Ukraine are one of the largest suppliers of wheat in the global market. Together, the two countries meet one-third of the world's wheat export requirement. According to media reports, due to Russia's invasion of Ukraine, wheat prices have increased by more than 60 per cent this year. India is the world's second-largest producer of wheat after China. Last year, due to bad weather, large producers of wheat, including Ukraine, were unable to supply enough wheat to the global market. But India had a good yield of wheat, which did not stop the supply in the global market and there was no increase in prices.
However, this year, India's domestic inflation is at its highest level in 8 years and wheat prices have gone up in the country. In view of this, the government has stopped the export of wheat. India has experienced a lot of heat in the last two months, bringing the temperature to 45 degrees Celsius. This has damaged the wheat crop. Hot winds in wheat-producing states have weakened the crop. It may also take a long time for the monsoon to arrive in India.
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