Global wheat prices at 14 yr peak amid India ban

Recently, India stopped exporting wheat in a bid to check high prices in the country as the heatwave is impacting the domestic wheat output. Further, the supply from the Black Sea region are anticipated to face disruptions while the USA’s winter crop conditions have also worsened. These factors are taking a toll on the global wheat prices, that are at a 14-year high.

A report from the United States Department of Agriculture (USDA) estimates that the wheat production in Ukraine may go down by 35% this year, and the world’s wheat of stock is down by 5%, the lowwst in the last 6 years. Wheat producing countries are facing a lot of difficulties and the prices of wheat may go high in the international market as wheat is a major crop in the global market.