India has banned wheat exports

Indian authorities predict that due to early summer and heat in March and April, wheat production in 2021/22 MY will fall by 5.7% to 105 million tons (107.86 million tons in 2020/21 MY), so banned wheat exports.

The country's Ministry of Trade and Industry said the ban would take effect immediately, but exports would be allowed "in the case of supplies accredited before the ban" and on the basis of government permits to meet other food security needs in the event of "requests from their authorities."

"Given the rapid rise in world wheat prices, due to many reasons that threaten the food security of India and neighboring and other dependent countries, the Indian authorities have decided to take measures to ensure food security of these countries that do not have access to adequate wheat supplies and suffer from negative changes in the world wheat market, "the ministry said.

It is worth noting that USDA experts in May left the forecast of wheat production in India at 109.59 million tons, and exports - within 8.5 million tons, while in 2022/23 MY they estimated at 108.5 and 8, million t respectively. The active export of wheat from India in March and April almost offset the decline in exports from Ukraine caused by the blockade of ports by Russian troops.

According to UN estimates, the continuation of Russia's war against Ukraine, which accounts for 30% of world wheat exports, could lead to rising food prices and world hunger.

India's ban on wheat exports could be agreed with Russia in a decision to keep prices high, which is of interest to both countries, especially since individual countries will be supplied. Despite the sanctions, India continues to buy Russian oil, albeit at a significant discount, and does not condemn Russia for invading Ukraine.