India Lifts Wheat Export Ban

India has lifted a long-standing ban on the export of wheat, flour, and related products, which will improve the situation regarding global grain supplies. The restrictions had been in place since 2022 to ensure food security following a reduced harvest due to heat. The Directorate General of Foreign Trade of India has authorized the export of hard wheat varieties and processed products, effective immediately. The latest wheat harvest in India reached a record level of 120.6 million tons. The U.S. Department of Agriculture forecasts that India's domestic stocks will be at record levels by the end of the 2026-2027 season, indicating a surplus. Increased supplies from India may ease pressure on food markets in Asia, Africa, and the Middle East, especially amid obstacles to grain flows in the Black Sea. Russia has rejected a ceasefire proposed by Ukraine, exacerbating the situation. Global wheat importers are preparing for reduced supplies from the Black Sea due to attacks on ports and vessels, which has already led to a price increase of more than 17% since early July.

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