The price of wheat breaks its absolute record on the European market after the announcement of the embargo of India
While the price of wheat was already under pressure by the Russian invasion of Ukraine, it broke its record on the European market on Monday after the announcement of an embargo by India. This is an absolute record for all maturities combined on Euronext. The previous record dates back to March 7, 2022 with wheat closing at €422.50 per tonne , Damien Vercambre, broker at Inter-Courtage, told AFP. The world's second largest wheat producer, India, announced on Saturday that it would ban exports of this commodity, except with special government authorization, in the face of a drop in its production due in particular to extreme heat waves. Concerns for Africa New Delhi, which had previously pledged to supply wheat to fragile countries once dependent on exports from Ukraine, said it wanted to ensure food security for India's 1.4 billion people. A decision that will aggravate the global grain supply crisis, the G7 was alarmed on Saturday. The Russian invasion of Ukraine will aggravat...