After the hottest March on record, India looks at wheat export restrictions.
India Mulls Wheat Export Curbs
This article was originally published by Mish Talk.
Bloomberg reports India Mulls Wheat Export Curbs in Latest Food Supply Squeeze
The South Asian nation experienced its hottest March on record, shriveling the wheat crop that the world was relying on to alleviate a global shortage. To safeguard domestic supplies, the government is considering limiting wheat exports, according to a person with knowledge of the matter.
Curbing exports would be a hit to India’s ambition to cash in on the rally in global wheat prices after Russia’s war in Ukraine upended trade flows out of the critical Black Sea breadbasket region. Importing nations have looked to India for supplies, with top buyer Egypt recently approving the South Asian nation as an origin for wheat imports.
The move would also add to a wave of crop protectionism around the world as governments seek to protect their own food supply amid soaring prices and fears of shortages.
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