U.S. wheat futures were climbing on Monday in the wake of a ban by India on most exports.
Wheat futures climbed by the daily limit on Monday, following India’s plans to limit most of its exports of the commodity, as fallout from the Ukraine war continues to reverberate.
India... Wheat futures climbed by the daily limit on Monday, following India’s plans to limit most of its exports of the commodity, as fallout from the Ukraine war continues to reverberate. India on Friday announced an immediate ban on wheat exports, blaming a spike in global prices for threatening the security of the vital commodity to itself and other neighboring and vulnerable countries. The price of Chicago wheat futures has climbed 60% so far this year, in the wake of Russia’s late February invasion of Ukraine.
India’s Commerce Secretary B.V.R. Subrahmanyam told reporters on Sunday that the country’s wheat production has dropped by three million tons from 106 million tons last year. Prices have surged 20-40% in India.
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