$WEAT India Bans Wheat Exports


* India has prohibited wheat exports with immediate effect, the government said in a notification late on Friday.

* The world’s second-biggest wheat producer is trying to calm local prices.

* Global buyers were banking on the world’s second-biggest wheat producer for supplies after exports from the Black Sea region plunged following Russia’s invasion of Ukraine in late February.

Earlier this week, India outlined its record export target for the 2022/23 fiscal year that started on April 1, adding it would send trade delegations to countries such as Morocco, Tunisia, Indonesia and Philippines to explore ways to further boost shipments.

But a sharp and sudden rise in temperatures in mid-March means the crop size could be smaller than expected at around 100 million tonnes or even lower, a New Delhi-based dealer with a global trading firm said, versus a government estimate for an all-time high of 111.32 million tonnes.

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The charts for $WEAT show solid trend to the upside:


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