Wheat jumped by the exchange limit after India’s move to restrict exports, exposing just how tight global supplies are after the war in Ukraine and threatening to drive up food prices even more.
The government will suspend overseas sales to manage its food security, according to a notification dated May 13. This drew criticism from the agriculture ministers of the Group of Seven nations, who said that such measures make the world’s crisis worse.
Benchmark futures rose as much as 5.9% to $12.47½ a bushel in Chicago, the highest in two months. Prices have surged about 60% this year, increasing the cost of everything from bread to cakes and noodles.
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