Reuters reveals that India may extend wheat export ban to preserve local supplies after prices hit record high in January – Reuters News Agency

Economy

Reuters exclusively reported that, as shared by senior government sources directly involved in decision-making, India is considering extending a ban on wheat exports to replenish depleted state reserves and bring down record-high domestic prices. India’s plan to maintain the export curb until mid-2024 was confirmed by trade and industry officials. Earlier, India, the world’s second largest wheat producer, offered 3 million tonnes of the grain to bulk consumers, such as flour millers, to tame sky-high prices. Although domestic wheat prices dropped after the government released some stocks from its reserves, local rates are still higher than the price at which the government buys the staple from local farmers.  

Market Impact

Although domestic wheat prices dropped after the government released some stocks from its reserves, local rates are still higher than the price at which the government buys the staple from local farmers.

Article Tags

Topics of Interest: Economy

Type: Reuters Best

Sectors: Commodities & Energy

Regions: Asia

Countries: India

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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2: https://www.reutersagency.com/en/reutersbest/article/reuters-reveals-that-india-may-extend-wheat-export-ban-to-preserve-local-supplies-after-prices-hit-record-high-in-january/

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