India lifts wheat export ban, Uttar Pradesh wheat prices jump
Business
India just lifted its four-year wheat export ban, and prices have shot up fast, especially in places like Uttar Pradesh, where rates climbed by over ₹150 per quintal in just two weeks.
The Dara variety now costs ₹2,553.31 per quintal, up from ₹2,408.21.
India retail wheat unchanged, supply squeezed
Even though retail wheat prices haven't changed yet (still averaging ₹31.58 per kg), industry insiders say it's only a matter of time before they rise too.
India's wheat is pricier than global competitors, so exports could at most head to nearby countries like Nepal, Bhutan, and northern Bangladesh via railway rakes.
Meanwhile, local supply is feeling the squeeze with production down 7% to 8%, and El Nino risks looming, so expect some challenges ahead for both shoppers and sellers.