International markets amid fears of a drop in production following Russia’s attack on Ukraine WheatAt the price of (Wheat Price) An increase has been observed. Of the United Nations (United Nations) The Food Agency has provided this information. India’s ban on wheat exports in the wake of rising wheat prices in international markets (Wheat Exports Ban) Ghee is home in the fire. Food and Agriculture Organization (Food and Agriculture Organization) The price index averaged 157.4 points in May 2022, down 0.6 percent from April.
However, it was 22.8 percent higher than in May 2021. The FAO monitors monthly changes in international food prices. FAO Food price index May averaged 173.4 points, up 3.7 points (2.2 percent) from April 2022 and 39.7 points (29.7 percent) higher than May 2021. “International wheat prices rose 5.6 per cent for the fourth consecutive month in May, an average of 56.2 per cent higher than the previous year’s prices and only 11 per cent lower than the record increase in March 2008,” the agency said on Friday.
Prices have risen for a number of reasons
According to the agency, wheat prices have risen for a number of reasons. The first reason is the growing concern about crop conditions in many large exporting countries. Another reason is the fear of a drop in production due to the war in Ukraine. So the ban on wheat exports by India is the third reason for the rise in prices. Significantly, international prices of coarse grains fell by 2.1 per cent in May, but were 18.1 per cent higher than their prices a year earlier.
Exports were banned on May 13
The FAO’s sugar price index has declined by 1.1 per cent since April, mainly due to heavy production in India and the possibility of increasing its availability globally. It may be recalled that India had decided to ban wheat exports on 13 May 2022 as part of measures to control rising prices locally. In fact, the quality of wheat exported from India is being questioned. India has exported 55,000 tonnes of wheat. The first consignment of wheat was first sent to Turkey. However, Turkey refused to buy the quantity of wheat, saying it was bad. Significantly, due to the Ukraine war, there is a significant shortage of wheat globally.
. Source