Global Wheat Prices Hit US$12.79 Per Bushel on May 17, 2022, Amidst Global Wheat Export Bans
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The Indian government issued a ban on wheat exports on May 13, 2022. This was due to a heatwave that disrupted production and caused price increases in the country.
The ban resulted in a sharp surge in global wheat prices, reaching US$1,247.9/bushel on May 17, 2022. This figure is up 75.7% compared to the price at the end of last year.
According to data from the United States Department of Agriculture (USDA), India is the third largest wheat producer in the world. India's wheat production amounted to 109.52 million metric tons in February 2021/2022, or 14.1% of total global wheat production.
CELIOS Director Bhima Yudhistira revealed four potential impacts of India's wheat export ban. First, food inflation will suppress consumer purchasing power. Second, supply shortages pose a serious threat.
Third, businesses will need to quickly find alternative wheat sources. Finally, the prices of meat and eggs will rise because wheat is used in animal feed.
(Read More: Global Food Prices Surge to Record Highs)
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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