{"id":6105,"date":"2022-05-16T15:50:34","date_gmt":"2022-05-16T15:50:34","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/?p=6105"},"modified":"2022-05-16T15:10:47","modified_gmt":"2022-05-16T15:10:47","slug":"wheat-prices-hit-record-high-after-indian-export-ban","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban","title":{"rendered":"Wheat prices hit record high after Indian export ban"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the commodity as a heatwave hit production.<\/b><\/p>\n

The price jumped to 435 euros ($453) per tonne as the Euronext market opened, up from the previous record of 422 euros reached on Friday.<\/p>\n

Global wheat prices have soared on supply fears since Russia’s February invasion of agricultural powerhouse Ukraine, which previously accounted for 12 percent of global exports.<\/p>\n

The spike, exacerbated by fertiliser shortages and poor harvests, has fuelled inflation globally and raised fears of famine and social unrest in poorer countries.<\/p>\n

India, the world’s second-largest wheat producer, said on Saturday that it was banning exports after its hottest March on record, with traders needing express government approval to enter into new deals.<\/p>\n

New Delhi said the move was needed to protect the food security of its own 1.4 billion people in the face of lower production and sharply higher global prices.<\/p>\n

Some parts of India have seen prices in wheat and flour jump 20 to 40 percent in recent weeks, Commerce Secretary BVR Subrahmanyam said on Sunday.<\/p>\n

Because of the sharp rise in global prices, some farmers were selling to traders and not to the government.<\/p>\n

This got the government worried about its buffer stock of almost 20 million tonnes — depleted by the pandemic — needed for handouts to millions of poor families and to avert any possible famine.<\/p>\n

– ‘Worsen the crisis’ –<\/b><\/p>\n

Export deals agreed before the directive issued on May 13 could still be honoured but future shipments needed government approval, it said.<\/p>\n

However, exports could also take place if New Delhi approved requests from other governments “to meet their food security needs”.<\/p>\n

India, which possesses major buffer stocks, previously said it was ready to help fill some of the supply shortages caused by the Ukraine war.<\/p>\n

Only last week India said it would send delegations to Egypt, Turkey and elsewhere to discuss boosting wheat exports. It was unclear whether these visits will now go ahead.<\/p>\n

The export ban drew sharp criticism from the Group of Seven industrialised nations, which said that such measures “would worsen the crisis” of rising commodity prices.<\/p>\n

India recorded its warmest March on record — blamed on climate change — and in recent weeks has seen a scorching heatwave with temperatures upwards of 45 degrees Celsius (113 Fahrenheit).<\/p>\n

This hit farmers in wheat-producing northern India, prompting the government to predict output would fall at least five percent this year from 109 million tonnes in 2021.<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the commodity as a heatwave hit production. The price jumped to 435 euros ($453) per tonne as the Euronext market opened, up from the previous record of 422 euros reached on Friday. […]<\/p>\n","protected":false},"author":84,"featured_media":6104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[234,248,756,433,249,474],"class_list":["post-6105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-eswatini","tag-commodity","tag-conflict","tag-eswatini","tag-food"],"yoast_head":"\nWheat prices hit record high after Indian export ban - Eswatini<\/title>\n<meta name=\"description\" content=\"Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the comm ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wheat prices hit record high after Indian export ban\" \/>\n<meta property=\"og:description\" content=\"Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the comm ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-16T15:50:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2022\/05\/img-6282695c73d9c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Wheat prices hit record high after Indian export ban\",\"datePublished\":\"2022-05-16T15:50:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban\"},\"wordCount\":434,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2022\/05\/img-6282695c73d9c.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Commodity\",\"conflict\",\"Eswatini\",\"Food\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/wheat-prices-hit-record-high-after-indian-export-ban\",\"name\":\"Wheat prices hit record high after Indian export ban - 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