FAST FIVE: India Halts Wheat Exports As "Food Security At Risk"
High food prices have already resulted in inflation riots in several countries, one being the ongoing social instability unfolding in Sir Lanka. Before the export ban, India was expected to be one of the top-10 wheat exporters for the 2022-23 crop season.
*INDIA MULLS RESTRICTING WHEAT EXPORTS AS HEAT DESTROYS CROPS – zerohedge (@zerohedge) May 4, 2022 Wheat production this year in the South Asian nation is expected to decline after rising for a half-decade.
Other top-producing wheat countries will experience production drops by the end of the growing season and may exacerbate the fall in global wheat production. “We now have an environment with another supplier removed from contention in global trade flows,” Andrew Whitelaw, a grains analyst at Melbourne-based Thomas Elder Markets, told Bloomberg.
If countries continue to place export restrictions on food, the crisis could deepen.
Energy crisis -> food protectionism -> economic vapor lock -> global famine https://t.co/ROH6RWVyAx – Doomberg (@DoombergT) May 14, 2022 Tyler Durden Sat, 05/14/2022 – 17:00.