Wheat soars on India restrictions, risking food inflationBloombergWheat prices jumped by the exchange limit after India’s move to restrict exports, exposing just how tight global supplies are after the war in Ukraine and threatening to drive up food prices even more. That it could have such a major effect underscores the bleak prospect for global wheat supplies. India’s decision to halt wheat exports came after a record-breaking heat wave parched the crop during a crucial period, spurring estimates of slumping yields. India is to approve exports to countries that require wheat for food security needs and based on the requests of their governments. The export ban could be long-lasting, if global food prices remain elevated, Nomura Securities Inc said.
