What do rising wheat prices, India’s export ban mean for Egypt?

Egypt is seeking to import wheat from India due to the Russian war on Ukraine.
Egyptian men work in a bakery at a market in Cairo, on March 17, 2022.
Egyptian men work in a bakery at a market in Cairo, Egypt, March 17, 2022. - Khaled Desouki/AFP via Getty Images
Adam Lucente headshot (new)
Adam Lucente
@Adam_Lucente

Wheat prices rose significantly today following India restricting wheat exports — a move that could affect Egypt in particular. 

Chicago wheat futures rose around 5% today to $12.40 per bushel, which is the highest price since 2008. The index is considered a benchmark for wheat prices worldwide. A bushel corresponds to roughly 35 liters. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.

Videos

See more