Wheat prices at 14-year high globally as India bans export

Global wheat prices hit a 14-year high after India banned wheat exports in a bid to check high prices amid concerns of wheat output being hit by the scorching heatwave. The US winter crop conditions have worsened, and supply disruptions from the Black Sea region are also expected.

Ukraine's production is expected to go down by 35 percent this year, and the world stock is down by 5 percent and is at a 6-year low, according to the latest report from the United States Department of Agriculture (USDA).

Wheat is a staple crop for the global market. So the producing countries are facing a lot of issues, and the prices are expected to be on the higher side, at least in the international markets.

Crude price has also jumped. The US officials said that the strategy on Russian oil could be switched from embargo to tariffs, which means crude will be in the market but at a higher cost to the producer.

Also, coal prices inching very close to all-time highs in the international markets. $420 per tonne was an all-time high. It’s trading above $400/tonne.