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The <keyword id="1893580" type="General" weightage="20" keywordseo="allana-group" source="Orion">Allana Group</keyword>, India's largest exporter of processed food products and agro commodities has been nominated as one of India's largest exporters of wheat. Catering to the greater need of the essential commodity, the Group ensured seamless facilitation of grains and has exported a total of 1,03,877 tonnes for the period of 2 years from 2019-2021. The group witnessed an exponential rise of 1812.30 per cent in their export, transporting over 1,48,000 tonnes in the period of 2021-22. The feat was lauded by the Agricultural and Processed Food Products Export Development Authority (APEDA). In these unprecedented times, the war crisis in Ukraine has led to the unique opportunity to fulfil a massive gap of grain export in the market. The <keyword id="1634518" type="General" weightage="20" keywordseo="allana" source="Orion">Allana</keyword> Group has aggressively functioned to connect India with the global supply chain and has aided in restocking the essential food grains across the world. The Middle East and Gulf countries saw the highest number of wheat exports from the country. Speaking on the commendable feat, Fauzan Alavi, Director, Allana Group said, "The Allana Group has built a great relationship with the Customers in the MENA region. Our expertise in sourcing the highest quality grain and state-of- the-art infrastructure has helped us to achieve this historic feat and bag Gold in the prestigious APEDA Export Awards. We are further targeting a 300-400 million USD export revenue that will not only aid small scale farmers to garner better prices for their crop but also the Central Government in terms of income and reduction in forced procurement of certain commodities." Allana's holistic efforts witnessed the Group winning Gold in Buffalo meat exports and Bronze in Fruit pulp and Frozen Foods exports for the YEAR 2019-20 as well as Gold in Buffalo meat and Cereals and Cereals Preparation exports and Bronze in Fruit Pulp exports for the YEAR 2020-21. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ruchi-soya-icici-bank-zee-entertainment-and-other-hot-stocks-to-watch-out-for-on-march-24/slidelist/90410086.cms">Ruchi Soya, ICICI Bank, Zee Entertainment and other hot stocks to watch out for on March 24</a> <a href="https://www.businessinsider.in/policy/economy/news/the-russia-ukraine-conflict-could-shake-up-the-global-balance-of-power-in-3-big-ways-economist-intelligence-unit-says/articleshow/90406629.cms" data-type="tilCustomLink">The Russia-Ukraine conflict could shake up the global balance of power in 3 big ways, Economist Intelligence Unit says</a> <a href="https://www.businessinsider.in/science/health/news/omicron-subvariant-infections-on-rise-in-us-accounts-for-over-34-of-the-new-covid-19-infections/articleshow/90410070.cms" data-type="tilCustomLink">Omicron subvariant infections on the rise in US, accounts for over 34% of the new COVID-19 infections</a>

Allana Group emerges as one of India's largest exporters of wheat

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> futures surged on Monday after second largest producer India banned <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> following a heatwave.</li><li>The price jumped 4.36% to $12.28 a bushel, its highest in two months.</li></ul>Wheat prices surged on Monday after <a href="https://www.businessinsider.com/india-bans-wheat-exports-says-ukraine-war-threatens-food-security-2022-5">India banned exports</a> of the crop due to a heatwave and rising domestic prices.India's Directorate General of Foreign Trade said in a notice on Friday that it would stop new shipments of wheat immediately but still allow exports to countries in need to help maintain their food security.<a href="https://markets.businessinsider.com/commodities/wheat-price">Wheat</a> prices rose 4.36% to $12.28 a bushel on Monday, having risen to as much as $12.74, its highest since mid-March. The export ban from the world's second largest wheat producer is hitting an already tight market, given the supply disruptions from the Russia-Ukraine war.Russia and Ukraine are both major wheat exporters, providing over 25% of global shipments. The war has created global shortages and sent grain prices surging. Ukraine's <keyword id="13948540" type="UNKNOWN" weightage="60" keywordseo="wheat-production" source="Orion">wheat production</keyword> could decline by 35% compared with last year, according to analyst forecasts. "The announcement comes as a major surprise to the market as the country previously indicated a push for higher exports after supply losses from Ukraine pushed up prices in the global market," strategists at ING said. "In fact, India was one of the few countries where the USDA was expecting <keyword id="13948541" type="UNKNOWN" weightage="60" keywordseo="wheat-exports" source="Orion">wheat exports</keyword> to increase and help fill the supply gap."India is not a big exporter of wheat. Together with China and Russia, it account for over 40% of total global wheat <keyword id="22637" type="UNKNOWN" weightage="60" keywordseo="production" source="Orion">production</keyword>. Yet most of India's crop is consumed domestically. Analysts had expected it to partially offset shortfalls from Ukraine.A scorching heat wave, with temperatures up to 45C, has drastically impacted domestic crop production and sent food prices jumping, adding to food security concerns, analysts said."India's export ban betrays the underlying stress that resides in the commodity space," Neil Wilson, chief <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> analyst at Markets.com, said. Poor weather conditions and the fallout from Russia's invasion of Ukraine have roiled global <keyword id="13232200" type="UNKNOWN" weightage="60" keywordseo="commodity-markets" source="Orion">commodity markets</keyword> and hit countries around the world, with production of crops like wheat set to fall."Last week, the USDA lowered its forecast for US wheat production by more than expected, while war-hit Ukraine could see its production and exports slump to the lowest since 2012/13," Saxo Bank's strategy team said. "In addition, European growers have already been struggling with warm and dry weather this early in the season."Indian officials said the ban is temporary and may be reversed. Some neighbouring countries would still get wheat exports. Read more: <a href="https://www.businessinsider.com/crypto-crash-bitcoin-tether-dollar-reserves-stablecoin-investing-cramer-roubini-2022-5" target="_blank" rel="noopener noreferrer">5 times Tether's dollar reserves have been questioned — and how the stablecoin's drop could affect the plummeting crypto market</a>

Wheat soars more than 4% to two-month highs after world's second largest producer India bans exports

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> is immediately curbing wheat <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> to protect its <keyword id="11894142" type="UNKNOWN" weightage="60" keywordseo="food" source="Orion">food</keyword> security.</li><li>The country will still export to countries in need at their request, officials said on Friday.</li></ul>India is the latest country to implement <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5?r=US&amp;IR=T">export bans on certain foods</a> as a result of the war in <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> and high inflation. <a href="https://www.bloomberg.com/news/articles/2022-05-14/india-says-wheat-exports-prohibited-with-immediate-effect?srnd=premium-europe">Bloomberg first reported the news</a>. India's Directorate General of Foreign Trade said <a href="https://content.dgft.gov.in/Website/dgftprod/9032ac12-29a8-4a67-8e3b-bd0dc07c39a5/Noti%2006%20Eng.pdf">in a notice</a> on Friday that it would stop new shipments of wheat immediately but still allow exports to countries in need to help maintain their food security. India's move to stop its wheat exports comes after <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5?r=US&amp;IR=T#governments-around-the-world-are-taking-steps-to-safeguard-food-supplies-as-inflation-soars-due-to-supply-chain-disruptions-caused-by-the-covid-19-pandemic-and-the-war-in-ukraine-1">several countries</a> limited or banned the export of food staples in the last year. Rising costs of products like fuel have had a knock-on effect on fertilizer, as well as agriculture production, leading to higher food prices. Russia <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5?r=US&amp;IR=T#1-russia-has-restricted-wheat-and-sunflower-oil-shipments-2">imposed </a>export caps and fresh taxes on wheat in 2021 to help tackle its domestic food inflation. Following its invasion of Ukraine, it brought in a temporary ban on exporting wheat to former Soviet countries. Kazakhstan also capped its wheat and wheat flour exports after prices rose by more than 30% since the beginning of the Ukraine war. Ukraine, which <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3?r=US&amp;IR=T">accounts</a> for between 12% and 17% of the world's supply of wheat and corn, <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5?r=US&amp;IR=T#1-russia-has-restricted-wheat-and-sunflower-oil-shipments-2">stopped</a> exporting key food items, including wheat and oats, to protect its food security during the war. Argentina, meanwhile, brought in restrictions on beef. Other countries with export bans in place include Indonesia, the world's largest palm-oil exporter, which banned the shipping of palm oil products to other countries. This led supermarkets across the world to <a href="https://www.businessinsider.com/supermarkets-retailers-limit-cooking-oil-purchases-ukraine-war-sparks-shortage-2022-5?r=US&amp;IR=T">restrict</a> the amount of cooking oil shoppers can buy. The cost of food commodities has risen the most since 2008, the World Bank <a href="https://www.businessinsider.com/ukraine-war-has-led-to-the-biggest-commodity-price-shock-in-50-years-2022-4?r=US&amp;IR=T">said</a>, as the Ukraine war led commodity prices to soar and the World Bank expects the impact on food prices to last until 2024. This has meant <a href="https://www.businessinsider.com/foods-getting-more-expensive-this-year-inflation-supply-fertilizer-war-2022-4?r=US&amp;IR=T#sugar-and-sweets-3-4-more-expensive-5">higher prices</a> of food products at grocery stores on items like cooking oils, fresh, and processed fruit and vegetables, as well as cereals and bakery products.

India says it will ban wheat exports because the Ukraine war is threatening its food security

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> soared by as much as 5.2% on Monday against a backdrop of poor harvest forecasts and an India-Egypt trade deal.</li><li>Chicago wheat futures were last up 5.1% to $10.93 per bushel from their previous close of $10.45. </li></ul><keyword id="14129772" type="UNKNOWN" weightage="60" keywordseo="wheat-prices" source="Orion">Wheat prices</keyword> jumped by the most in almost a month on Monday, after India and Egypt considered a deal to swap grain for fertilizer and as the US government predicted a poor harvest that could put global supply under even more pressure.Chicago wheat futures rose by as much as <a href="https://uk.investing.com/commodities/us-wheat-news">5.4% to $10.95</a> per bushel, up from $10.45 at Friday's close. It was last trading up 5% at $10.92 by 09:40 a.m. ET. The <a href="https://www.ers.usda.gov/webdocs/outlooks/103927/whs-22e.pdf?v=4520.8">United States Department of Agriculture</a> (USDA) recently forecast wheat would reach $10.75 per bushel due to tight supply. The price of wheat has risen by 40% so far this year, down to a number of factors. The first is Russia's invasion of Ukraine in late February. Both are major producers of wheat and the conflict has disrupted both <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> of existing grain supplies as well as the planting of next year's harvest, meaning any shortfalls won't be limited to this year.Another is adverse weather conditions, which is making for dismal harvests in the United States, as well as India, where heatwaves have devastated crops. According to the USDA, US <keyword id="13948540" type="UNKNOWN" weightage="60" keywordseo="wheat-production" source="Orion">wheat production</keyword> is forecast to fall to 1.729 billion bushels this year, down 4% from the 5-year average of 1.806 billion bushels. "For 2022/23, slightly larger production is projected compared to the previous year but this would still be the second lowest in the last 20 years based on pervasive drought in major hard red winter growing areas," the USDA said in its May 2022 outlook. A tightened global wheat supply was only exacerbated by <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-soar-over-4-india-bans-exports-commodities-2022-5">India's banning of grain exports</a> to protect its own food security after a heatwave dramatically impacted domestic crop production. Russia's invasion of Ukraine also caused a <a href="https://www.businessinsider.com/millions-tons-grain-blocked-ukraines-ports-2022-5?r=US&amp;IR=T">blockage of nearly 4.5 million tons</a> of wheat at Ukraine ports adding to a grain shortage and surge in its prices.Soaring wheat prices also come on the back of a potential <a href="https://markets.businessinsider.com/news/commodities/india-egypt-talks-wheat-fertilizer-goods-swap-russia-food-shortage-2022-6">wheat-for-fertilizer trade deal</a> to ease mounting food supply shortages between India and Egypt. Under the terms of a potential agreement, India would export wheat to Egypt and would get fertilizer and other products in return, Egyptian Supply Minister Aly El-Moselhy told <a href="https://www.bloomberg.com/news/articles/2022-06-03/egypt-says-it-s-in-talks-with-india-on-a-wheat-for-goods-deal?srnd=markets-vp" target="_blank" rel="nofollow noopener">Bloomberg</a>.The trade deal would see 500,000 tons of wheat shipped to Egypt from India, which typically does not export much production, despite being one of the world's biggest growers. Other commodities from <a href="https://markets.businessinsider.com/news/commodities/food-export-bans-inflation-wheat-oil-palm-beef-2022-5#maize-7">beef to palm oil</a> have faced inflationary pressures as a result of export bans triggered by poor harvests and disruption from Russia's war in Ukraine. Industry experts told Insider to brace for a potential impact in the corn market.

Wheat soars more than 5% as a poor US harvest and India's grain-for-fertilizer swap deal threaten global supply

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> and <keyword id="11954586" type="UNKNOWN" weightage="60" keywordseo="egypt" source="Orion">Egypt</keyword> are in talks for a potential wheat-for-goods deal, Bloomberg reported. </li><li>Egypt's supply minister said he met with the Indian ambassador to go over a possible deal for 500,000 tons of <keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">wheat</keyword>.</li></ul>India and Egypt are reportedly in talks to exchange wheat for fertilizer amid the growing food supply crunch.For the potential deal, India would export wheat to Egypt and would get fertilizers and other products in return, Egyptian Supply Minister Aly El-Moselhy told <a href="https://www.bloomberg.com/news/articles/2022-06-03/egypt-says-it-s-in-talks-with-india-on-a-wheat-for-goods-deal?srnd=markets-vp">Bloomberg</a>.Moselhy said he met with the Indian ambassador to Egypt on Wednesday to go over a potential swap agreement for 500,000 tons of wheat.<keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> disrupted global wheat <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> as the two countries are top grain producers. Meanwhile, India is the second-largest wheat producer in the world but <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-soar-over-4-india-bans-exports-commodities-2022-5">banned wheat exports in May</a> to bolster its own food security, though it has since eased some restrictions. Egypt is one of the world's top wheat importers and faces a particularly dire situation — potential food shortages and social unrest. The country has also explored talks with the United Arab Emirates, European countries, and the US for ways to ease any potential food shortages, according to Bloomberg. Other commodity markets have been roiled by Russia's invasion of Ukraine, prompting unusual <keyword id="11931670" type="UNKNOWN" weightage="60" keywordseo="trade" source="Orion">trade</keyword> flows.For example, Indian purchases of Russian oil have soared as Moscow's traditional customers have shunned its exports. Last month, India was reportedly seeking more than a <a href="https://markets.businessinsider.com/news/commodities/russian-oil-india-sanctions-discounts-ukraine-war-putin-eu-2022-5">35% discount on Russian oil</a>, and the Wall Street Journal reported this week that Russian crude is likely ending up in the US after being <a href="https://markets.businessinsider.com/news/commodities/russian-oil-products-us-sanctions-refined-india-trade-ukraine-war-2022-6">refined and mixed in India</a>.

India and Egypt are working to swap wheat for fertilizer and other goods to ease potential food shortages

<keyword id="93269" type="General" weightage="20" keywordseo="Bread" source="Orion">Bread</keyword> is one of the more crucial ingredients in maintaining world stability -- and it's getting dangerously expensive, <keyword id="4338433" type="General" weightage="20" keywordseo="Axios" source="Orion">Axios</keyword> reported. As food prices rise around the world due to the war, extreme weather and inflation, more countries are putting these kinds of <keyword id="469288" type="General" weightage="20" keywordseo="export-controls" source="Orion">export controls</keyword> in place -- but that only exacerbates the issue. At least 43 such protectionist measures have been implemented since the Russian invasion, according to data cited by the <keyword id="53556" type="General" weightage="80" keywordseo="new-york-times" source="Orion">New York Times</keyword> earlier this month. These include restrictions put in place by Russia and its ally, Belarus, along with Indonesia's ban on palm oil exports and China's prohibition on fertiliser exports. Wheat prices surged to near record-high levels Monday after <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> said it would ban exports as it deals with an extended, climate-change-driven heat wave. "These measures threaten to further tighten global supplies, and will create price pressure on food as we head further into 2022," Kelly Goughary, a senior research analyst at Gro Intelligence, told Axios. Goughary has not seen this level of export controls in her 15 years in the industry. Russia's invasion of Ukraine cut off exports from that region -- responsible for more than a quarter of the world's supply -- and sent buyers scrambling to find other source countries, like India. India is the ninth-largest wheat exporter in the world, according to USDA stats, Axios reported. Initially, Indian officials said the country would increase wheat production, before reversing course on Saturday. There are few commodities more important than wheat, Axios reported. Rising prices for bread have led to social unrest throughout history from the French and Russian revolutions to the Arab spring. More headwinds in the wheat market are coming, Goughary said. There are issues with drought in France that could drive up prices, while production in the US is down. The US is not a big exporter of wheat because it's too costly to ship overseas, but it's a supplier of "last resort", she added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/chidambaram-triggers-state-vs-center-revenue-debate-after-govts-excise-cut-on-fuel/articleshow/91732927.cms">Chidambaram triggers state vs center revenue debate after govt's excise cut on fuel</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/what-would-happen-to-twitter-if-elon-musk-backs-out-now/articleshow/91695359.cms">What would happen to Twitter if Elon Musk backs out now?</a>

Not just India, many countries are protecting their wheat to keep daily bread, affordable

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> prices dropped almost 3% on Friday following media reports that <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> and <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> struck a deal on grain shipments.</li><li>The price, which hit record highs after Russia's invasion in February, is now back to pre-war levels.</li></ul>Wheat prices tumbled on Friday after Ukraine and Russia reached a deal to allow crucial grain shipments to safely leave Black Sea ports, according to media reports, potentially alleviating a brewing global <keyword id="13544066" type="UNKNOWN" weightage="60" keywordseo="food-crisis" source="Orion">food crisis</keyword>. US wheat futures dropped almost 3% to a five-month low of $786 per bushel, meaning the price has unwound almost all of its "war gains." Russia invaded Ukraine in late February, triggering a 70% surge in the price of wheat to a record high of over $1,300 in the two weeks that followed. The two countries together account for a quarter of the world's wheat exports. The <a href="https://www.bbc.co.uk/news/world-europe-62254597">BBC</a> said <keyword id="11998211" type="UNKNOWN" weightage="60" keywordseo="turkey" source="Orion">Turkey</keyword> successfully brokered a deal between the two sides.Drought across key growing regions like the United States, India, and Canada earlier in the year threatened to further squeeze availability of wheat and other <keyword id="12168891" type="UNKNOWN" weightage="60" keywordseo="grains" source="Orion">grains</keyword>, putting millions around the world at grave risk of hunger. Some countries, such as India, instituted export bans to stave off unrest at home.Food price inflation is hurting the pockets of consumers everywhere, but it is felt most acutely across the developing world, where the combination of soaring inflation and a stronger US dollar is pushing a number of countries, such as Sri Lanka, to the brink of bankruptcy. Some 20 million tonnes of grain has been held up in the Ukrainian port of Odessa, according to the BBC.Turkey has been mediating between the two sides, along with the United Nations, for the past two months to try to reach a deal to end a Russian blockade of Ukrainian ports. Moscow has said there is no blockade and any hold-up is the result of Western sanctions and mines laid at sea by Ukraine."If successful, it would further reduce the risk of a food crisis over the coming months. Ukraine, a major exporter of high-quality wheat, corn, and sunflower oil has seen its main export artery through the Black Sea blocked since March," Saxo Bank strategist Ole Hansen said of the deal in a recent note.Since the invasion, the wheat price has gradually subsided, having fallen some 42% since then. But US wheat futures are still 15% above where they were last year and, in Europe, the situation is more acute. Benchmark <a href="https://markets.businessinsider.com/commodities/wheat-price">French milling wheat futures</a> are 65% higher than this time last year, and UK feed wheat is 50% pricier.Russia and Ukraine have agreed to monitor ships to and from ports including Odessa at two separate control centers — one located in Istanbul and the other on the Black Sea, the <a href="https://www.ft.com/content/3dc86119-e22e-4254-b8ef-44f33d5e71cf">FT</a> reported on Thursday.Turkey would inspect ships to ensure no weapons were smuggled, and Russia would guarantee ships safe passage, under the terms of the deal.The BBC quoted a US State Department spokesman as saying the government welcomed the deal but would focus on ensuring Russia implemented it."We should never have been in this position in the first place. This was a deliberate decision on the part of the Russian Federation to weaponize food," said the department's spokesman, Ned Price, according to the BBC.Ukraine is a major exporter of other important foodstuffs such as barley, corn, and sunflower oil, as well as industrial <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> like fertilizer - shortages of which have only made the pressure on farming worse - iron, coal, steel and refined petroleum products.Read more: <a href="https://www.businessinsider.com/stock-market-crash-expert-warns-recession-coming-60-percent-drop-2022-7">'A lot of people are just not understanding what's going on': A 30-year market vet lays out 7 reasons why a recession is imminent — and says stocks will end the sell-off down 60%</a>

Wheat prices drop to pre-war levels after Ukraine and Russia strike deal to unblock shipments

<ul class="summary-list"><li>India, the world's top rice exporter, has imposed a 20% tax on shipments of some rice grades.</li><li>It has also banned the exports of 100% broken rice, which is mostly used for animal feed.</li></ul>India — the world's top rice exporter — has slapped a 20% tax on shipments of some rice grades in a move that could worsen the <a href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">food crisis.</a>The new export tax that affects some rice grades will take effect Friday, according to an <a href="https://egazette.nic.in/WriteReadData/2022/238667.pdf">announcement</a> from India's finance ministry on Thursday. India also banned the exports of 100% broken rice, which is mostly used for animal feed, <a href="https://www.bloomberg.com/news/articles/2022-09-08/india-imposes-20-tax-on-some-rice-exports?srnd=premium">Bloomberg</a> and <a href="https://www.reuters.com/world/india/india-imposes-20-duty-rice-exports-various-grades-2022-09-08/">Reuters</a> reported, citing government notices.The developments come as rice plantings in India have been impacted by a lack of rainfall in some areas this year, per the news agencies.India accounts for about 40% of global rice exports, according to the <a href="https://www.usda.gov/oce/commodity/wasde/wasde0822.pdf">US Department of Agriculture,</a> or USDA. The country's moves to levy a 20% tax on some rice grades while restricting broken rice are expected to push up prices of the staple grain amid a surge in food prices worldwide.China and the Philippines are the world's top two importers of the staple grain, according to the USDA.As the prices of <a href="https://www.businessinsider.com/food-shortage-explained-charts-grain-sunflower-prices-record-highs-2022-4">wheat and corn</a> rallied this year on the back of the Ukraine war, rice prices remained <a href="https://www.bloomberg.com/news/articles/2022-03-08/rice-could-keep-asia-s-food-inflation-risks-from-getting-worse">relatively stable,</a> giving inflation-weary consumers some reprieve. But India's latest move may change that, and shift demand from India to its competitors."With this duty, Indian rice shipments will become uncompetitive in the world market. Buyers will shift to Thailand and Vietnam," B.V. Krishna Rao, the president of the India Rice Exporters Association, told Reuters. The two Southeast Asian countries are the world's second- and third-largest rice exporters globally.After <a href="https://www.businessinsider.com/india-bans-wheat-exports-says-ukraine-war-threatens-food-security-2022-5">wheat</a> and <a href="https://www.businessinsider.com/india-limits-sugar-exports-food-protectionism-inflation-security-2022-5">sugar</a>, rice is now the third major agricultural commodity in India to face export restrictions this year. The wave of <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5">food protectionism</a> comes amid supply concerns and inflation fears.

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

The price of <keyword id="47374" type="COMPANY" weightage="20" keywordseo="Wheat">wheat</keyword> is set to go up following the Indian government’s decision to hike the duty <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/govt-hikes-import-duty-on-wheat-almond-3-more-items/articleshow/64308112.cms">on wheat imports to 30%</a> from a current rate of 20%. The Finance Ministry also raised the duties on a few other commodities, including shelled almond, walnuts and protein concentrate, in a range of 40% to 100%. The decision is reactionary. A significant portion of these commodity imports come from the <keyword id="6354458" type="UNKNOWN" weightage="20" keywordseo="US">US</keyword>. The Indian government is responding in kind to the US’ decision to impose of a 25% duty on steel and 10% duty on aluminium from all countries other than Canada and Mexico. In fact, it was initially planning to raise customs duties <a href="https://timesofindia.indiatimes.com/business/india-business/india-mulls-tariff-hike-on-20-us-products-to-hit-back-in-steel-aluminium-duties-row/articleshow/64246025.cms">on 20 products</a>, as per a notification to the <keyword id="6357761" type="UNKNOWN" weightage="20" keywordseo="WTO">WTO</keyword> last week. As a result, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s wheat imports, which reportedly totalled <a href="https://economictimes.indiatimes.com/markets/commodities/news/wheat-import-duty-may-be-doubled/articleshow/64283427.cms">1.5 million tonnes last year</a>, are expected to reduce dramatically. The double whammy of a weakening rupee and higher duties makes wheat unfeasible to import at the current moment and hence, the country’s wheat millers will have to rely on domestic output, which is of a lesser quality and contingent on good rainfall. India’s wheat farmers will gain, while consumers may have to deal with higher prices. Adding fuel to the fire The move to hike import duties comes a few weeks after the US issued a counter-notification - the first ever of its kind - against India for <a href="https://www.businessinsider.in/america-doesnt-like-indias-farmer-subsidies-and-thats-unlikely-to-change-anytime-soon/articleshow/64123715.cms">violating the WTO’s Agreement on Agriculture</a>. The US government alleged that India’s subsidies for wheat and rice producers were well above the agreement’s 10% cap on market price support as a proportion of total production. In response, the Indian government called the US’ calculations flawed. It is expected to challenge the notification at the next meeting of the WTO’s Committee on Agriculture, which is scheduled for next month. Earlier this week, India, along with China, Russia, Japan and Turkey, also <a href="https://www.cnbc.com/2018/05/23/india-takes-us-steel-tariffs-complaint-to-the-wto.html">launched settlement proceedings</a> against the US in the WTO over its steel and aluminium tariffs, claiming that they violated the body’s agreement on safeguards. The US has until the end of July to respond the complaint. While a full-blown <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> war between the US and India is unlikely given the fact that it would be worse for everyone involved, the tension between the two countries is definitely a reason for concern. The US is India’s <a href="https://atlas.media.mit.edu/en/profile/country/ind/">largest export destination</a>. Over the course of 2017, the US exported <a href="https://www.census.gov/foreign-trade/balance/c5330.html">$25.7 billion dollars worth of goods to India</a> while its imports totalled $48.6 billion. In order to smooth things over, India’s minister of commerce, Suresh Prabhu, will <a href="https://www.financialexpress.com/industry/amid-trade-tension-suresh-prabhu-to-visit-us/1180355/">visit the US in the second week of June</a> to meet with US trade representative Robert E Lighthizer and other trade officials. Key talking points will include the tariffs on Indian steel and aluminium and bilateral business opportunities. Hopefully, the two sides will be able to reach a consensus over some issues.

You Searched For "india wheat exporter" and got 9 results

Allana Group emerges as one of India's largest exporters of wheat

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Wheat soars more than 4% to two-month highs after world's second largest producer India bans exports

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India says it will ban wheat exports because the Ukraine war is threatening its food security

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Wheat soars more than 5% as a poor US harvest and India's grain-for-fertilizer swap deal threaten global supply

Zahra Tayeb

India and Egypt are working to swap wheat for fertilizer and other goods to ease potential food shortages

Phil Rosen

Not just India, many countries are protecting their wheat to keep daily bread, affordable

IANS

Wheat prices drop to pre-war levels after Ukraine and Russia strike deal to unblock shipments

Amanda Cooper

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

Huileng Tan

You may soon have to pay more for buying wheat in India

Dilsher Dhillon

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