India banned wheat exports on Saturday — days after saying it was targeting record shipments this year — as a scorching heat wave curtailed output and domestic prices hit a record high
The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies"to meet their food security needs."War-fueled food inflation will cause social unrest, UN official saysThe move to ban overseas shipments was not in perpetuity and could be revised, senior government officials told a press conference.
"For us, it's abundance of caution."Smaller cropIndia this week outlined its record export target for the fiscal year that started on April 1, saying it would send trade delegations to countries such as Morocco, Tunisia, Indonesia and the Philippines to explore ways to boost shipments.In February, the government forecast production of 111.32 million tonnes, the sixth straight record crop, but it cut the forecast to 105 million tonnes in May.
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