The US has pledged a further $250m (£194m) to create and expand other routes for Ukrainian grain to leave the country, but Russia’s defence ministry has in effect said any ship leaving a Ukrainian port will be a legitimate military target, raising fears that supplies could face further disruption. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.īefore the move by the Kremlin, the grain price had fallen by more a third (35%), while the wheat price had declined 14% since January and corn prices had been trading 20% lower. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. Russia’s decision earlier in the week to pull out of the year-old UN-brokered Black Sea grain initiative, which guaranteed safe passage for vessels carrying cereals, has prompted fresh concerns about a global food crisis. Global food supplies have been hit by Russia’s war in Ukraine, which has driven up commodity and grain prices around the world. Even before the announcement, Vietnam’s rice was trading at its highest level since 2011, and has since moved higher, while Thailand’s variety jumped to levels not seen for more than two years. Thailand and Vietnam, respectively the world’s second and third-largest rice exporters, have also experienced rises in the prices of their 5% broken rice in recent times. The price of India’s 5% broken parboiled variety had already been hovering this week close to a five-year peak between $421 and $428 (£328-334) a metric tonne, and on Friday it stood at about $424.50. India’s move sent the price of rice from several Asian countries higher on global markets, while traders said they expected prices to rise substantially in the coming days. Soaring food inflation has put pressure on the BJP government in Delhi in the run-up to national elections next year and state-level elections in the months to come. The Indian government said the ban, introduced on Thursday evening, would “ensure adequate availability of non-basmati white rice in the Indian market” and lead to lowering of prices for domestic consumers. People in India are paying 11.5% more for rice than a year ago, according to its ministry of consumer affairs, food and public distribution. International sales of Indian rice soared by 35% in the year to June, contributing to a 3% rise in domestic prices over the past month alone. While the ban does not apply to higher-grade basmati rice – India’s best-known variety – non-basmati white rice accounts for about 25% of exports. India is the world’s largest rice exporter, accounting for more than 40% of global shipments.
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