NEW DELHI, 15 May 2022, (TON): India banned wheat exports, just days after saying “it was targeting record shipments this year, as a scorching heatwave curtailed output and domestic prices soared to an all-time high.”

The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies to meet their food security needs.

Global buyers were banking on supplies from the world's second-biggest wheat producer after exports from the Black Sea region plunged following Russia's Feb 24 invasion of Ukraine.

Before the ban, India had aimed to ship a record 10 million tonnes this year.

Although it is not one of the world's top wheat exporters, India's ban could drive global prices to new peaks given already tight supply, hitting poor consumers in Asia and Africa particularly hard.

A Mumbai-based dealer with a global trading firm said “the ban is shocking.”

“We were expecting curbs on exports after two to three months, but it seems like the inflation numbers changed the government's mind.”