Paris (AFP) – Wheat prices jumped to a record level Monday after India’s decision to ban its exports at a time when the country is experiencing a heat wave that has damaged crops. After recording an increase in the wake of the Russian attack on Ukraine, the main wheat exporter, the price of the staple food rose to 435 euros ($453) per ton with the opening of the European market. And on Saturday, India, the second largest producer of wheat in the world, announced a ban on the export of wheat without special government permission due to the decline in its production due to severe heat waves. New Delhi, which has pledged to supply poor countries that were dependent on exports from Ukraine, said it wanted to ensure “food security” for India’s 1.4 billion people. A decision that would “exacerbate the crisis” of grain supplies at the global level, as the Group of Seven warned Saturday. The previous record dates back to May 13, when the price of a ton of wheat stood at 422 euros at the opening, in light of the new US global forecasts to reduce Ukrainian wheat production by a third for 2022-2023. The price of wheat rose months ago to unprecedented levels in global markets. Its price has increased by 40% in three months and the market is very tense due to drought risks in the southern United States and western Europe.
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