Bangladesh Returns to India for Wheat Amid Global Price Surge

Bangladesh has resumed buying wheat from India after a nearly two-year hiatus. The country's importers have booked over 200,000 tonnes of Indian wheat since August when India eased its export restrictions.

The shift comes as the Russia-Ukraine conflict has severely disrupted grain shipments in the Black Sea region. Combined exports from both countries have dropped to eight million metric tonnes between July and September, down from 16 million during the same period last year.

Wheat futures have surged about 40% since June lows, while prices are up nearly 25% above January levels. The price of refined wheat flour in Dhaka has risen by 17% in a month, putting pressure on Bangladesh's food security.