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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
INDIA
India's Ministry of Commerce and Industry has confirmed that it will partially relax the almost-total wheat export ban, tweeting: "Government announces some relaxation in wheat export notification; Allows wheat consignment already registered with Customs prior to the order"
- Full ministry statement: https://pib.gov.in/PressReleasePage.aspx?PRID=1825991
- Javier Blas at Bloomberg tweets: "India announces some "relaxation" of its wheat export ban, allowing some grain to leave ports. The relaxation comes after the US government said it had "deep concern" about the export ban"
- The relaxation is only a marginal one though, with the ban on new orders still in place. The statement says the ban is in place in order to serve "...three main purposes: ensure India’s food security and check inflation, it helps other countries facing food deficit, and it maintains India’s reliability as a supplier. The order also aimed to provide a clear direction to the wheat market to prevent hoarding of wheat supplies."
- On Monday, US Ambassador to the UN Linda Thomas-Greenfield stated "We have seen the report of India’s decision. We’re encouraging countries not to restrict exports because we think any restrictions on exports will exacerbate the food shortages. We hope they hear the concerns being raised by other countries, that they would reconsider that position.”
Chart 1. India's Wheat Exports, Value (USDmn)
Source: Indian Ministry of Commerce, businesstoday.in
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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