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Markets brace for chaotic trading after India bans wheat exports

‘Bombshell’ move follows earlier denials and is set to drive food prices higher and worsen supply problems

India has banned exports of wheat, in a move that is likely to push food prices higher and fuel hunger in poor countries that depend on imports of the commodity.

The Indian government said that it was implementing a ban on overseas sales “in order to manage the overall food security of the country and to support the needs of the neighbouring and other vulnerable countries”.

However, it said that it would still allow exports for which letters of credit had already been issued and it would consider sales to countries looking to meet their food security needs.

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