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From burgers to breakfast cereal, some key ingredients are being hit by food export bans &mdash; industry experts tell us what might be next

<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="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> 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>Russian President Vladimir Putin has signed an order banning and restricting some exports and imports.</li><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> is a major exporter of <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> including <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword>, gas, <keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">wheat</keyword>, and metals.</li></ul>Russia President Vladimir Putin has signed an order banning the exports of some goods and raw materials.The order includes a ban or restrictions on "exports outside of the Russian Federation's territory and (or) imports to the Russian Federation's territory of products and (or) raw materials," according to an <a href="https://interfax.com/newsroom/top-stories/75965/">Interfax news agency</a> translation of the <a href="http://publication.pravo.gov.ru/Document/View/0001202203080005?index=1&amp;rangeSize=1">order</a> released on Tuesday.The document said the ban goes into effect immediately but did not state which goods and raw materials will be affected by the restrictions. The Kremlin has ordered the government to compile a list of foreign countries that will be subject to the restrictions, Interfax added.The ban and restrictions will be in place until December 31 this year, per Interfax.Russia said on February 25 that it will be imposing "retaliatory measures" against Western sanctions, the state-owned <a href="https://tass.com/politics/1410969?utm_source=google.com&amp;utm_medium=organic&amp;utm_campaign=google.com&amp;utm_referrer=google.com">TASS news agency</a> reported.Russia is a major exporter of commodities including oil, natural gas, wheat, and metals. Prices of the commodities have already surged on the back of supply disruptions due to the war in <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> and Western sanctions.Oil prices are up 60% year-to-date, <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-today-limit-up-russia-ukraine-invasion-bread-basket-2022-3">wheat prices</a> have hit record highs, and prices of <a href="https://markets.businessinsider.com/news/commodities/nickel-price-russia-ukraine-war-short-squeeze-lme-suspends-trading-2022-3">nickel</a> and <a href="https://www.reuters.com/business/palladium-propelled-record-highs-by-russia-supply-concerns-2022-03-07/">palladium</a> have skyrocketed to historic highs."Russia's energy supplies are very much at risk, either due to being withheld by Russia as a weapon or swiped off the market due to sanctions," Louise Dickson, a senior oil market analyst at <a href="https://markets.businessinsider.com/news/commodities/oil-100-barrel-sanctions-on-russia-halt-cash-exporters-invasion-2022-3">Rystad Energy,</a> said in a note on March 1."The war in Ukraine is getting very ugly and destructive and hostilities between the West and Russia is intensifying. High risk for disruptions to both crude and natural gas," said Bjarne Schieldrop, chief commodities analyst at <a href="https://research.sebgroup.com/macro-ficc/reports/23509">Swedish bank SEB</a> on March 1.Russia has already started taking retaliatory actions against Western sanctions, <a href="https://www.reuters.com/business/aerospace-defense/russia-imposes-sweeping-flight-bans-airlines-36-countries-2022-02-28/">banning airlines</a> from 36 countries from its airspace from February 28. It has also created an <a href="https://www.businessinsider.com/russia-publishes-list-unfriendly-countries-Ukraine-war-condemnation-2022-3">"unfriendly countries"</a> list that includes the US, UK, EU countries, Australia, Canada, and Japan.On Monday, Russia's Deputy Prime Minister Alexander Novak issued a threat to cut natural gas supplies to Europe via the <a href="https://markets.businessinsider.com/news/commodities/russia-warns-300-dollars-barrel-oil-europe-natural-gas-supply-2022-3">Nord Stream 1 pipeline.</a>

Putin orders a ban on some Russian exports amid sweeping Western sanctions and US energy import restrictions

We're living in an age of food protectionism: 5 countries that are banning or restricting major exports to safeguard food supplies as inflation soars

<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

New Delhi, The Centre on Tuesday announced sale of an additional 20 lakh tonnes of wheat in the open market to further bring down the retail prices of wheat and wheat flour (atta) and asked flour millers to cut rates with softening in wholesale price of grain. On January 25, the Centre had announced sale of 30 lakh tonnes of wheat in the open market from its buffer stock to check rise in prices of wheat and wheat flour (atta). According to an official statement, the government has decided that state-owned Food Corporation of India (FCI) will offload an additional quantity of 20 lakh tonnes of wheat in open market under the Open Market Sale Scheme (OMSS). The stocks will be sold through e-auction to flour mills/private traders/bulk buyers/manufactures of wheat products. The proposal to sell stocks in the open market was taken by a group of ministers, sources said. "So far, 50 lakh tonnes (30+20 lakh tonnes) of wheat have been decided to be offloaded under the OMSS. The reduction in reserve price along with additional offloading of 20 lakh tonnes of wheat will collectively help in reducing market price of wheat and wheat products for consumers," the statement said. Union Food Secretary Sanjeev Chopra held a video conference meeting with Food Corporation of India (FCI) and the representatives of flour millers/associations/ federations/atta, suji product manufacturers on to review the lifting of stocks in the second round of e-auction held recently. Flour millers were advised to bring down the prices of atta and other products in line with the reduction in market prices of wheat, the statement said. After announcement of the OMSS policy, the food ministry said that prices of wheat and atta have come down but still inflation figure for January 2023 was at 3 months high of 6.52 per cent. As per the government data, the average prices of wheat across major cities stood at Rs 33.15 per kilogram on Monday, while the average prices of atta (wheat flour) stood at Rs 37.63 per kg. Last month, the government announced plans to sell 30 lakh tonnes of wheat in the open market from its buffer stock under the OMSS. Out of the 30 lakh tonnes, the FCI is selling 25 lakh tonnes to bulk consumers like flour millers through e-auction and 2 lakh tonnes to states/Union Territories. Three lakh tonnes of wheat are being provided to institutions and state-PSUs at a concession for converting wheat into wheat flour. In the two rounds of e-auctions for bulk consumers, nearly 13 lakh tonnes wheat have been sold. FCI will offer 11.72 lakh tonnes of wheat during the third e-auction to be held on February 22. Last week, the ministry reduced reserve price of fair and average (FAQ) quality wheat to Rs 2,150 per quintal, while for Under Relaxed Specifications (URS) wheat to Rs 2,125 per quintal. These new reserve prices are applicable from the third sale of wheat through e-auction. Moreover, the rate of wheat has been reduced to Rs 21.50 per kg for sale to NCCF/NAFED/ Kendriya Bhandar/state government cooperatives/federations as well as community kitchen /charitable/NGO etc. for converting wheat into atta and then selling to consumers at Rs 27.50 per kg. To control price, the Centre had banned wheat exports in May last year. India's wheat production fell to 107.74 million tonnes in the 2021-22 crop year (July-June) from 109.59 million tonnes in the previous year due to heat waves in a few growing states. The procurement fell sharply to 19 million tonnes this year from around 43 million tonnes last year. Wheat production is estimated to rise at 112.18 million tonnes in the current 2022-23 crop year on higher acreage and better yield. However, the rise in temperature during this month in key producing states has again become a concern for the farm scientist and policy makers. On Monday, the government formed a committee to monitor the situation arising out of any unusual rise in temperature and its impact on the wheat crop and issue necessary advisories to the farming community to save the crop. The move comes as some parts of the country have started witnessing above-normal temperatures. In the first week of February, the maximum temperature in major wheat growing areas, barring Madhya Pradesh, remained higher than the average of the last seven years, as per the National Crop Forecast Centre (NCFC).

Centre to sell 20 lakh tonnes of wheat in open market from buffer stock to cool prices of atta

<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

Owing to poor rain in major <keyword id="13726" type="General" weightage="20" keywordseo="rice" source="Orion">rice</keyword> producing states like <keyword id="6357713" type="General" weightage="80" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Bihar and West Bengal, the Centre on Thursday imposed 20 per cent duty on export of various grades of rice. According to a <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> notification, 20 per cent <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on rice in husk, husked rice and milled rice has been imposed which would be applicable from September 9. The move would help rein in prices of rice across the country. The decision to impose 20 per cent export duty on rice comes after wheat exports were banned in May. Inadequate rainfall in rice producing states has raised concerns of poor output, which has led to the imposition of export duty on the commodity. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/what-does-the-missing-sim-card-slot-on-iphone-14-mean-for-users/articleshow/94075327.cms">What does the missing SIM card slot on iPhone 14 mean for users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/online-festival-sales-likely-to-be-28-higher-than-pre-covid-levels-at-11-8-billion-report/articleshow/94076810.cms">Online festival sales likely to be 28% higher than pre-Covid levels at $11.8 billion: report</a>

Government imposes 20% export duty on rice

<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

<ul class="summary-list"><li>Global shares fell Monday, with heavy losses in Europe in light of a possible Western ban on Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword>.</li><li>Crude surged to almost $140 a barrel overnight, as other key Russian exports like nickel and palladium also jumped.</li></ul>Global shares tumbled on Monday, after Western leaders said they might consider a ban on <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s energy exports, which sent oil surging to its highest in almost 14 years and ignited fears of widespread economic turmoil.<a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> roared towards $140 a barrel for the first time since July 2008 when Asian <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> opened overnight. Russia is the world's third-largest exporter of crude, and one of the largest exporters of refined fuels and natural gas. Secretary of State Antony Blinken told NBC's <a href="https://www.nbcnews.com/politics/national-security/us-active-talks-allies-banning-russian-oil-imports-blinken-says-rcna18893">"Meet the Press"</a> on Sunday that the US was in discussion with European allies about a <a href="https://www.reuters.com/business/energy/us-europeans-discussing-banning-russian-oil-imports-blinken-says-2022-03-06/">ban of Russian oil exports.</a>US stock futures sagged, with those on the <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500</a> falling 1.4%, those on the <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones</a> shedding 1.2%, and those on the <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> falling 1.7% in early European trading. "It's hard to see much in the way of significant upside for <keyword id="11907238" type="UNKNOWN" weightage="60" keywordseo="stock-markets" source="Orion">stock markets</keyword> now against a backdrop of continued escalation, and raise the question of how much further Putin is prepared to go to achieve his goals," CMC Markets chief strategist Michael Hewson said."It is these concerns over slowing growth across the world, as well as surging commodity price inflation that is also acting as a headwind for stock markets more broadly and is the biggest challenge facing central banks all over the world, starting with the European Central Bank later this week," he said.<a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> was last up 7.7% at $127.25 a barrel, having surged overnight by as much as 10% to $139.13 a barrel, the highest since July 2008. Meanwhile, <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI futures</a> were up 6.8% at $124.33 a barrel.In Europe, the <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> fell 2.8% in early trade, while Frankfurt's <a href="https://markets.businessinsider.com/index/dax">DAX</a> plunged by 4%. Germany is more exposed to any fallout from Russia than many other European countries. It relies on Russia for 70% of its natural gas, for example.The <a href="https://markets.businessinsider.com/index/msci-world">MSCI All-World index</a> was last down almost 1% on the day. As the conflict in Ukraine has intensified, so has the global backlash for Russia. <a href="https://markets.businessinsider.com/news/stocks/russia-ukraine-invasion-companies-abandon-ties-sanctions-bp-exxon-disney-2022-3">Major corporations have fled the country</a> and commodity traders have already shunned the country's key exports for fear of being stuck with cargoes of sanctioned or unmovable material.It's not just the price of oil that has surged. Nickel, palladium, aluminum, coal, wheat and others have ripped to multi-year or record highs, while its ruble currency has hit record lows."Commodity prices continue to rise generally, and talk of cutting off Russian oil supplies would likely mean further rises, boosting global inflation yet further while also putting pressure on consumer spending," strategists at broker <a href="http://www.ig.com">IG</a> said in a note.<a href="https://markets.businessinsider.com/commodities/nickel-price">Nickel</a>, used in steel, rose almost 25% on the day on the London Metal Exchange to $37,540 a ton, while <a href="https://markets.businessinsider.com/commodities/palladium-price">palladium</a>, which is used in autocatalysts, rose almost 9% to trade around $3,258 an ounce. Wheat futures rallied 7% to $1,294 a bushel.NATO foreign ministers meet later on Monday to discuss what further measures the organization can take given Russia's escalation of violence.Read more: <a href="https://www.businessinsider.com/silver-price-forecast-ubs-changes-forecast-and-updates-commodities-outlook-2022-3" target="_blank" rel="noopener noreferrer">UBS upgrades its outlook for silver, which it believes will offer value to investors in the face of the current volatility — and lays out whether the surge in the broader commodities sector has room to run as war in Ukraine moves into a second week</a>

You Searched For "wheat export ban" and got 12 results

From burgers to breakfast cereal, some key ingredients are being hit by food export bans industry experts tell us what might be next

Zahra Tayeb

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

Hamza Fareed Malik

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

Zahra Tayeb

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

Jyoti Mann

Putin orders a ban on some Russian exports amid sweeping Western sanctions and US energy import restrictions

Huileng Tan

We're living in an age of food protectionism: 5 countries that are banning or restricting major exports to safeguard food supplies as inflation soars

Huileng Tan

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

IANS

Centre to sell 20 lakh tonnes of wheat in open market from buffer stock to cool prices of atta

PTI

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

Amanda Cooper

Government imposes 20% export duty on rice

IANS

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

Phil Rosen

Global shares plunge and oil surges to almost $140 a barrel, as US and Europe consider a ban on Russian energy exports

Amanda Cooper

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