India Lifts Wheat Export Ban as Global Supply Pressures Ease
India has lifted its ban on wheat exports, including durum variety, flour, and other products. This decision could help alleviate global supply pressures caused by ongoing conflicts in Russia and Ukraine. The government allowed limited shipments of wheat in February but has now fully permitted exports. India is the world's second-largest wheat producer, with a record-breaking harvest of 120.6 million tons last year.
The ban on wheat exports was put in place since 2022 due to food security concerns. However, with India's domestic production at an all-time high, it can now meet its own needs and export the surplus. This move could ease supply pressures in import-dependent countries across Asia, Africa, and West Asia.
The global wheat market is under strain due to disruptions in grain flows from top exporters caused by attacks on commercial vessels and ports in the Black Sea. The conflict has driven Chicago wheat futures to a two-year high.