Wheat prices in Europe hit a record high

Wheat prices hit a record high today, Monday, after India imposed a ban on its exports of the staple commodity, after the crop was affected by a heat wave.
The price of wheat hit a record in the European market, closing at 438.25 euros per ton after India announced a ban on grain exports. According to Agence France-Presse”.
Global wheat prices rose on the back of supply concerns since the launch of the Russian military operation in February in Ukraine, a wheat-growing stronghold that provided 12% of global exports.
The rise, exacerbated by a shortage of fertilizer and poor harvests, has fueled global inflation and raised fears of famine and social unrest in poor countries.
On Saturday, India banned wheat exports after production was hit by a heat wave in March, in a blow to countries struggling with tight supplies and rising prices.
The Indian decision was met with sharp criticism from the agriculture ministers of the Group of Seven countries during a meeting in Germany, considering that such measures will “exacerbate the crisis” of high commodity prices.