Wheat export ban will help crush Indian stockpiling efforts for price

The government’s decision to ban wheat exports will help crush the efforts of some foreign players to stockpile Indian wheat to change prices in the world market, sources said. Global demand, especially for the poorest countries. ” The ban will curb efforts to stockpile Indian wheat to manipulate prices. It will also deal with food inflation, “said a source.

According to industry sources, Chinese traders were trying to manipulate the global market. Indian wheat will now go to needy countries, they noted. According to an official notification, India immediately banned wheat exports as part of increasing domestic price control measures.

However, an exportable credit letter (LOC) issued for export shipments on or before the date of this notification will be approved, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. It also clarified that wheat exports would be allowed by the government to allow other countries to meet their food security needs and at the request of their government.