Business

Wheat prices hit record high after India export ban

Wheat price jumped to 435 euros ($453) per tonne as the European market opened today

By AFP
May 16, 2022
In this file photograph taken on April 12, 2022, an Indian farmer poses as he harvests wheat crop in a field on the outskirts of Amritsar, in the northern Indian state of Punjab. -AFP
In this file photograph taken on April 12, 2022, an Indian farmer poses as he harvests wheat crop in a field on the outskirts of Amritsar, in the northern Indian state of Punjab. -AFP

PARIS: Wheat prices surged to a record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

The price -- which was already high in the wake of Russia’s invasion of major wheat exporter Ukraine -- jumped to 435 euros ($453) per tonne as the European market opened.