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Wheat Rallies on Adverse Weather, Even as India Eases Export Ban

  • Wheat registered with customs before ban order now allowed
  • India approves wheat consignment of 61,500 tons for Egypt
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Food Insecurity Fears Build as Global Crop Prices Soar
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Wheat futures in Chicago extended a rally amid worries about global shortfalls even after India said it would relax its order curbing exports.

India will allow traders to meet prior commitments, according to the country’s trade ministry. Futures fell as much as 3.8% in Chicago before reversing the losses, climbing 2.3% to $12.7625 a bushel, the highest price in two months. Futures have surged more than 60% this year, increasing the cost of everything from bread to cakes and noodles.