The other day, the government of India announced an export ban on wheat. Indian farmers were in the top 10 of wheat exporters in 2021.
Already, wheat exports from Russia and Ukraine have been taken off-line. Russia is the number one exporting country and Ukraine is number five. Combined, Russia, Ukraine, and India account for one-quarter (24.7%) of the world's export supply of wheat.
Another one-fifth (22.1%) of world wheat exports come from EU member states (France, Germany, Romania, Bulgaria, Poland, Lithuania, Hungary), which now are boycotting Russia and Belarus products fertilizer. Russia is the world's biggest exporter of fertilizer (12.6% in 2020) and Belarus is the sixth biggest exporter (5.2%).
Wheat likely will be a good bet going forward, at least until six months after hostilities in Ukraine end.
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