Wheat prices: Sales impacting Russia, Indian wheat enjoying a rally

The war in Ukraine isn’t just impacting Ukrainian grain shipments, it is also taking a toll on Russia’s wheat sales. 

Russia’s lack of ships and Western grain traders’ waning appetite for business with Moscow are adding to rising costs of moving Russian wheat.

Russian President Vladimir Putin promised to replace Ukrainian grain with Russian shipments to Africa after Moscow ended an arrangement last month that gave Ukraine’s food cargo safe passage in the Black Sea.

Meanwhile, Indian wheat prices surged to a six-month high this week due to limited supplies and robust demand. 

Some analysts say the increase in wheat prices may prompt the Indian government to eliminate import duties on wheat.

Rising wheat prices could contribute to food inflation and potentially complicate the efforts of both the government and the central bank to contain inflation.

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