Markets brace for chaotic trading after India bans wheat exports

 Markets brace for chaotic trading after India bans wheat exports

India has banned exports of wheat, in a move that is likely to push food prices higher and fuel hunger in poor countries that depend on imports of the commodity.

The Indian government said that it was implementing a ban on overseas sales “in order to manage the overall food security of the country and to support the needs of the neighbouring and other vulnerable countries”.

However, it said that it would still allow exports for which letters of credit had already been issued and it would consider sales to countries looking to meet their food security needs.

The announcement, one of latest protectionist measures taken by food exporting countries following this year’s surge in prices, follows denials by Indian government officials that they would stop wheat exports.

India had been filling the export supply gap in the international wheat markets left by Ukraine after the Russian invasion, but concerns had heightened about…

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