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Wheat has risen in price in the US and Europe

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India’s ban on grain exports has led to a record increase in wheat prices in Europe. Hope was pinned on India to compensate for the deficit after the loss of supplies from Ukraine, but sharp inflation and a lean year forced the Indian authorities to change plans.

The cost of wheat in Europe has set a record for the entire history of observations. Three days after India announced that it was curtailing supplies, prices jumped to 435 euros per ton. Since Friday’s trading, which was also a record, the price has increased by 13 euros.

A similar situation is observed in the USA. May futures for wheat added almost 6% on the Chicago Stock Exchange. Now grains are traded in the region of $12.5 per bushel. They have not yet overcome the historical maximum, the price record was set in early spring, when Ukraine was forced to stop grain supplies to the United States.

The Indian authorities announced that they were forced to impose partial restrictions on wheat exports at the end of last week. Old contracts remain in force, the ban will only apply to new contracts. According to the head of the Ministry of Food, the ban is necessary to protect local consumers.

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