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Indian wheat prices jumped to a record high, despite a ban on exports, amid strong demand and dwindling supply from a crop damaged by heatwave.
The price rally has reduced chances of India supplying substantial amounts of wheat under government-to-government deals with countries struggling to secure shipments amid the disruption of the war in Ukraine.
"Most of the farmers have sold their crop. Negligible supplies are coming up for sale even though demand is robust," said Gopaldas Agarwal, a trader based at Indore in central India.
Local wheat prices jumped to a record 23,547 rupees per tonne on Wednesday. That was up nearly 12% from recent lows that followed the government's surprise ban on exports on May 14.
Editor In Chief : Dr Dhimant Purohit
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