27 °c
Accra
26 ° Sat
25 ° Sun
26 ° Mon
27 ° Tue
26 ° Wed
TV
Market
Friday, June 9, 2023
Nsemgh
  • News
    • All
    • Breaking News
    • Local News
    • World News
    Man Attacks Pastor In Church Over Fake Prophecy

    Man Attacks Pastor In Church Over Fake Prophecy

    Man Who Gave woman HIV During Unprotected Sex Jailed For Grievous Bodily Harm

    Man Who Gave woman HIV During Unprotected Sex Jailed For Grievous Bodily Harm

    We’ll Write To Supreme Court Over Gyakye Quayson’s Expungement Order – Ayariga

    We’ll Write To Supreme Court Over Gyakye Quayson’s Expungement Order – Ayariga

    Economic Crisis: Things Will Get Better; But Not This Year – Badu-Aboagye

    Economic Crisis: Things Will Get Better; But Not This Year – Badu-Aboagye

    • Local News
    • World News
    • Breaking News
  • BUSINESS
    Non-issuance Of VAT Invoices: GRA Busts 48 Business Managers  

    Non-issuance Of VAT Invoices: GRA Busts 48 Business Managers  

    Government T-bills Auction Oversubscribed By 15 Per cent

    Government T-bills Auction Oversubscribed By 15 Per cent

    Ghana Serves As A Launchpad For Saudi Businesses To Access Wider Market – Saudi Arabia Ambassador To Ghana

    Ghana Serves As A Launchpad For Saudi Businesses To Access Wider Market – Saudi Arabia Ambassador To Ghana

    We Are Confident Of Meeting IMF Conditions For Fiscal Consolidation – Ofori – Atta

    We Are Confident Of Meeting IMF Conditions For Fiscal Consolidation – Ofori – Atta

    Biden hails debt ceiling deal as he and McCarthy prepare to sell it to Congress

    Biden hails debt ceiling deal as he and McCarthy prepare to sell it to Congress

  • ENTERTAINMENT
    • All
    • Religion
    Mr Eazi is wealthier than Davido – Small Doctor gives reason

    Mr Eazi is wealthier than Davido – Small Doctor gives reason

    BET: Camidoh bags his first nomination

    BET: Camidoh bags his first nomination

    I can’t wait to change my daughter’s surname – Davido’s baby mama

    I can’t wait to change my daughter’s surname – Davido’s baby mama

    Burna Boy applauds sister for sold-out London concert

    Burna Boy applauds sister for sold-out London concert

    Socialite Showboy To Be Deported To Ghana After 4 Years In Jail

    Socialite Showboy To Be Deported To Ghana After 4 Years In Jail

    I’d rather fail in originality than become a clone of another – MzGee Replies Critics

    I’d rather fail in originality than become a clone of another – MzGee Replies Critics

    • Religion
  • TECHNOLOGY
    • All
    • Architecture
    • Automobile
    Govt Issues One-month Ultimatum For Merchant Subscribers To Register SIMs

    Govt Issues One-month Ultimatum For Merchant Subscribers To Register SIMs

    AI-controlled US military drone ‘kills’ its operator in simulated test

    China’s manufactured plane completes maiden commercial flight

    China’s manufactured plane completes maiden commercial flight

    Elon Musk Names Linda Yaccarino New Twitter CEO

    Elon Musk Names Linda Yaccarino New Twitter CEO

    Elon Musk announces he has found new Twitter CEO

    Elon Musk announces he has found new Twitter CEO

    Israeli Anti-drone Radars Deployed in Ukraine to enhance its defense system

    Israeli Anti-drone Radars Deployed in Ukraine to enhance its defense system

    • Architecture
    • Automobile
  • Features
    • All
    • Announcement
    • Obituary
    • Opinion
    How El Chapo’s sons ruined America by creating a fentanyl empire

    How El Chapo’s sons ruined America by creating a fentanyl empire

    How many foreign workers have passed away in Qatar?

    How many foreign workers have passed away in Qatar?

    DEA’s most corrupt agent:   Parties , sex amid “unwinnable war”

    DEA’s most corrupt agent: Parties , sex amid “unwinnable war”

    Why Ghana doesn’t really have a Fertilizer  crisis

    Why Ghana doesn’t really have a Fertilizer crisis

    US rapper Coolio, known for the iconic hit Gangsta’s Paradise,died at the age of 59

    From Gangsta’s Paradise to reality TV, Coolio was a stone-faced rapper who softened hearts

    VIDEO: UK Queen Happy and Glories Platinum Jubilee

    Queen Elizabeth’s death leads to renewed African calls for apologies

    • Opinion
    • Announcement
    • Obituary
  • Health
    Midwife Delivers Baby In Speeding Commercial Vehicle

    Midwife Delivers Baby In Speeding Commercial Vehicle

    Sanitary Pads Should Be Tax-free; Not Menstrual Luxury – Rosetta Ntriwaah Boakye

    Sanitary Pads Should Be Tax-free; Not Menstrual Luxury – Rosetta Ntriwaah Boakye

    Zambia begins door-to-door COVID-19 vaccination

    High blood Pressure and COVID has made many Black people in America plugged into catastrophe

    Pregnancy Hypertensive Disorder Shatters Hopes

    Pregnancy Hypertensive Disorder Shatters Hopes

    ‘I Was Naive’ – Hospital Owner Regrets Giving Quack Midwife Freedom To Operate

    ‘I Was Naive’ – Hospital Owner Regrets Giving Quack Midwife Freedom To Operate

  • LIFE STYLE
    • All
    • Fashion
    Your enemies are often within your circle – Vim Lady shares

    Your enemies are often within your circle – Vim Lady shares

    You are not a ‘real’ man if women don’t fight over you – Ajagurajah

    You are not a ‘real’ man if women don’t fight over you – Ajagurajah

    Pregnancy Hypertensive Disorder Shatters Hopes

    Pregnancy Hypertensive Disorder Shatters Hopes

    You Are Not Normal – Odartey Lartey Lovingly Tells Wife – VIDEO

    You Are Not Normal – Odartey Lartey Lovingly Tells Wife – VIDEO

    Woman Asks For Refund From Wedding Photographer After Divorce, Says ‘Don’t Need Those Pictures Anymore’

    Woman Asks For Refund From Wedding Photographer After Divorce, Says ‘Don’t Need Those Pictures Anymore’

    It’s Logically Right To Have Sex Before Marriage – Relationship Expert

    It’s Logically Right To Have Sex Before Marriage – Relationship Expert

    • Fashion
  • Sports
    • All
    • Local Sport
    • World Sport
    Juventus Tracking Kamaldeen Sulemana

    Juventus Tracking Kamaldeen Sulemana

    CK Akonnor’s Son Wins European Championship With Germany

    CK Akonnor’s Son Wins European Championship With Germany

    BetPawa PL Wk 33: Hearts Record 4th Consecutive Loss, Medeama SC Drop Points

    BetPawa PL Wk 33: Hearts Record 4th Consecutive Loss, Medeama SC Drop Points

    Simba SC Part Ways With Augustine Okrah

    Simba SC Part Ways With Augustine Okrah

    King Faisal Relegated From Ghana Premier League

    King Faisal Relegated From Ghana Premier League

    Black Stars Start Camping On Monday

    Black Stars Start Camping On Monday

    • Local Sports
    • World Sport
  • Login
  • Register
No Result
View All Result
  • News
    • All
    • Breaking News
    • Local News
    • World News
    Man Attacks Pastor In Church Over Fake Prophecy

    Man Attacks Pastor In Church Over Fake Prophecy

    Man Who Gave woman HIV During Unprotected Sex Jailed For Grievous Bodily Harm

    Man Who Gave woman HIV During Unprotected Sex Jailed For Grievous Bodily Harm

    We’ll Write To Supreme Court Over Gyakye Quayson’s Expungement Order – Ayariga

    We’ll Write To Supreme Court Over Gyakye Quayson’s Expungement Order – Ayariga

    Economic Crisis: Things Will Get Better; But Not This Year – Badu-Aboagye

    Economic Crisis: Things Will Get Better; But Not This Year – Badu-Aboagye

    • Local News
    • World News
    • Breaking News
  • BUSINESS
    Non-issuance Of VAT Invoices: GRA Busts 48 Business Managers  

    Non-issuance Of VAT Invoices: GRA Busts 48 Business Managers  

    Government T-bills Auction Oversubscribed By 15 Per cent

    Government T-bills Auction Oversubscribed By 15 Per cent

    Ghana Serves As A Launchpad For Saudi Businesses To Access Wider Market – Saudi Arabia Ambassador To Ghana

    Ghana Serves As A Launchpad For Saudi Businesses To Access Wider Market – Saudi Arabia Ambassador To Ghana

    We Are Confident Of Meeting IMF Conditions For Fiscal Consolidation – Ofori – Atta

    We Are Confident Of Meeting IMF Conditions For Fiscal Consolidation – Ofori – Atta

    Biden hails debt ceiling deal as he and McCarthy prepare to sell it to Congress

    Biden hails debt ceiling deal as he and McCarthy prepare to sell it to Congress

  • ENTERTAINMENT
    • All
    • Religion
    Mr Eazi is wealthier than Davido – Small Doctor gives reason

    Mr Eazi is wealthier than Davido – Small Doctor gives reason

    BET: Camidoh bags his first nomination

    BET: Camidoh bags his first nomination

    I can’t wait to change my daughter’s surname – Davido’s baby mama

    I can’t wait to change my daughter’s surname – Davido’s baby mama

    Burna Boy applauds sister for sold-out London concert

    Burna Boy applauds sister for sold-out London concert

    Socialite Showboy To Be Deported To Ghana After 4 Years In Jail

    Socialite Showboy To Be Deported To Ghana After 4 Years In Jail

    I’d rather fail in originality than become a clone of another – MzGee Replies Critics

    I’d rather fail in originality than become a clone of another – MzGee Replies Critics

    • Religion
  • TECHNOLOGY
    • All
    • Architecture
    • Automobile
    Govt Issues One-month Ultimatum For Merchant Subscribers To Register SIMs

    Govt Issues One-month Ultimatum For Merchant Subscribers To Register SIMs

    AI-controlled US military drone ‘kills’ its operator in simulated test

    China’s manufactured plane completes maiden commercial flight

    China’s manufactured plane completes maiden commercial flight

    Elon Musk Names Linda Yaccarino New Twitter CEO

    Elon Musk Names Linda Yaccarino New Twitter CEO

    Elon Musk announces he has found new Twitter CEO

    Elon Musk announces he has found new Twitter CEO

    Israeli Anti-drone Radars Deployed in Ukraine to enhance its defense system

    Israeli Anti-drone Radars Deployed in Ukraine to enhance its defense system

    • Architecture
    • Automobile
  • Features
    • All
    • Announcement
    • Obituary
    • Opinion
    How El Chapo’s sons ruined America by creating a fentanyl empire

    How El Chapo’s sons ruined America by creating a fentanyl empire

    How many foreign workers have passed away in Qatar?

    How many foreign workers have passed away in Qatar?

    DEA’s most corrupt agent:   Parties , sex amid “unwinnable war”

    DEA’s most corrupt agent: Parties , sex amid “unwinnable war”

    Why Ghana doesn’t really have a Fertilizer  crisis

    Why Ghana doesn’t really have a Fertilizer crisis

    US rapper Coolio, known for the iconic hit Gangsta’s Paradise,died at the age of 59

    From Gangsta’s Paradise to reality TV, Coolio was a stone-faced rapper who softened hearts

    VIDEO: UK Queen Happy and Glories Platinum Jubilee

    Queen Elizabeth’s death leads to renewed African calls for apologies

    • Opinion
    • Announcement
    • Obituary
  • Health
    Midwife Delivers Baby In Speeding Commercial Vehicle

    Midwife Delivers Baby In Speeding Commercial Vehicle

    Sanitary Pads Should Be Tax-free; Not Menstrual Luxury – Rosetta Ntriwaah Boakye

    Sanitary Pads Should Be Tax-free; Not Menstrual Luxury – Rosetta Ntriwaah Boakye

    Zambia begins door-to-door COVID-19 vaccination

    High blood Pressure and COVID has made many Black people in America plugged into catastrophe

    Pregnancy Hypertensive Disorder Shatters Hopes

    Pregnancy Hypertensive Disorder Shatters Hopes

    ‘I Was Naive’ – Hospital Owner Regrets Giving Quack Midwife Freedom To Operate

    ‘I Was Naive’ – Hospital Owner Regrets Giving Quack Midwife Freedom To Operate

  • LIFE STYLE
    • All
    • Fashion
    Your enemies are often within your circle – Vim Lady shares

    Your enemies are often within your circle – Vim Lady shares

    You are not a ‘real’ man if women don’t fight over you – Ajagurajah

    You are not a ‘real’ man if women don’t fight over you – Ajagurajah

    Pregnancy Hypertensive Disorder Shatters Hopes

    Pregnancy Hypertensive Disorder Shatters Hopes

    You Are Not Normal – Odartey Lartey Lovingly Tells Wife – VIDEO

    You Are Not Normal – Odartey Lartey Lovingly Tells Wife – VIDEO

    Woman Asks For Refund From Wedding Photographer After Divorce, Says ‘Don’t Need Those Pictures Anymore’

    Woman Asks For Refund From Wedding Photographer After Divorce, Says ‘Don’t Need Those Pictures Anymore’

    It’s Logically Right To Have Sex Before Marriage – Relationship Expert

    It’s Logically Right To Have Sex Before Marriage – Relationship Expert

    • Fashion
  • Sports
    • All
    • Local Sport
    • World Sport
    Juventus Tracking Kamaldeen Sulemana

    Juventus Tracking Kamaldeen Sulemana

    CK Akonnor’s Son Wins European Championship With Germany

    CK Akonnor’s Son Wins European Championship With Germany

    BetPawa PL Wk 33: Hearts Record 4th Consecutive Loss, Medeama SC Drop Points

    BetPawa PL Wk 33: Hearts Record 4th Consecutive Loss, Medeama SC Drop Points

    Simba SC Part Ways With Augustine Okrah

    Simba SC Part Ways With Augustine Okrah

    King Faisal Relegated From Ghana Premier League

    King Faisal Relegated From Ghana Premier League

    Black Stars Start Camping On Monday

    Black Stars Start Camping On Monday

    • Local Sports
    • World Sport
  • Login
  • Register
No Result
View All Result
Nsemgh
Home Business
EU plan aims to help get wheat from Ukraine to the world

India bans Wheat export

1 year ago
in Business
Reading Time: 3 mins read
A A
0
Share on Telegram

India banned wheat exports on Saturday, just days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices soared to an all-time 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”.
Global buyers were banking on supplies from the world’s second-biggest wheat producer after exports from the Black Sea region plunged following Russia’s Feb. 24 invasion of Ukraine. Before the ban, India had aimed to ship a record 10 million tonnes this year.

Although it is not one of the world’s top wheat exporters, India’s ban could drive global prices to new peaks given already tight supply, hitting poor consumers in Asia and Africa particularly hard.
The ban is shocking,” a Mumbai-based dealer with a global trading firm said. “We were expecting curbs on exports after two to three months, but it seems like the inflation numbers changed the government’s mind.”
Rising food and energy prices pushed India’s annual retail inflation near an eight-year high in April, strengthening expectations that the central bank would raise interest rates more aggressively.
Wheat prices in India have risen to record highs, in some spot markets hitting 25,000 rupees ($320) per tonne, well above the government’s minimum support price of 20,150 rupees.

Rising fuel, labour, transportation and packaging costs are also boosting the price of wheat flour in India.

“It was not wheat alone. The rise in overall prices raised concerns about inflation and that’s why the government had to ban wheat exports,” said a senior government official who asked not to be named as discussions about export curbs were private.

“For us, it’s abundance of caution,” he said.

RelatedStories

Non-issuance Of VAT Invoices: GRA Busts 48 Business Managers  

Government T-bills Auction Oversubscribed By 15 Per cent

Ghana Serves As A Launchpad For Saudi Businesses To Access Wider Market – Saudi Arabia Ambassador To Ghana

We Are Confident Of Meeting IMF Conditions For Fiscal Consolidation – Ofori – Atta

Biden hails debt ceiling deal as he and McCarthy prepare to sell it to Congress

Non-VAT Registered Importers To Pay 12.5% Upfront

SMALLER CROP
India just 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.

A spike in temperatures in mid-March means the crop could instead be around 100 million tonnes or even lower, said a New Delhi-based dealer with a global trading firm.
The government’s procurement has fallen more than 50%. Spot markets are getting far lower supplies than last year. All these things are indicating lower crop,” the dealer said.

Cashing in on a rally in global wheat prices after Russia invaded Ukraine, India exported a record 7 million tonnes of wheat in the fiscal year to March, up more than 250% from the previous year.

 

The rise in wheat price was rather moderate, and Indian prices are still substantially lower than global prices,” said Rajesh Paharia Jain, a New Delhi-based trader.

In fact, wheat prices in some parts of the country had jumped to the current level even last year, so the move to ban export is nothing but a knee-jerk reaction.”

Despite a drop in production and government purchases by the state-run Food Corporation of India (FCI), India could have shipped at least 10 million tonnes of wheat this fiscal year, Jain said.

The FCI has so far bought a little over 19 million tonnes of wheat from domestic farmers, against last year’s total purchases of a record 43.34 million tonnes. The FCI buys grain from local farmers to run a food welfare programme for the poor.

Unlike previous years, farmers have preferred to sell wheat to private traders, who offered better prices than the government’s fixed rate.

In April, India exported a record 1.4 million tonnes of wheat and deals were already signed to export around 1.5 million tonnes in May.
The Indian ban will lift global wheat prices. Right now there is no big supplier in the market,” another dealer said.
reuters

 

 

 

 

 

 

Previous Post

Detention of WNBA’s Griner in Moscow extended by 1 month

Next Post

Poison on the menu: Ghana’s food contamination crisis

Accra, GH
Friday, June 9, 2023
light rain
27 ° c
70%
15.43mh
46%
28 c 25 c
Sat
26 c 24 c
Sun
28 c 25 c
Mon
28 c 25 c
Tue
Saudi club Al Ahli ready to offer €100m+ deal to Man City’s Riyad Mahrez

Saudi club Al Ahli ready to offer €100m+ deal to Man City’s Riyad Mahrez

9 June, 2023.
Players at the Women’s World Cup will be paid at least $30,000 by FIFA

Players at the Women’s World Cup will be paid at least $30,000 by FIFA

9 June, 2023.
First Rwanda deportation flight to leave UK on 14 June, says Priti Patel

Boris Johnson stepping down as an MP with immediate effect

9 June, 2023.
Maximum fine levied against Trump Organization for years-long tax fraud

Trump ‘took secret US nuclear programme documents’, says indictment

9 June, 2023.
Ukrainian counteroffensive has started, says Putin

Ukrainian counteroffensive has started, says Putin

9 June, 2023.
    https://www.youtube.com/watch?v=MugFJv8gG_k
    • AdChoices
    • Advertise
    • About

    © 2023 Nsemgh | All Rights Reserved.

    No Result
    View All Result
    • Login
    • Sign Up
    • World News
    • Local News
    • Business
    • Entertainment
      • Religion
    • Technology
      • Architecture
      • Automobile
    • Features
      • Opinion
      • Announcement
      • Obituary
    • Health
    • Life Style
      • Fashion
    • Sports
      • World Sport
      • Local Sport
    • More
      • TV
      • Market
    • Advertise with Us

    © 2023 Nsemgh | All Rights Reserved.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms bellow to register

    *By registering, you agree to the Terms of Use, Community Guidelines and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    you're currently offline

    We use cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.