India will allow the shipment of wheat loads awaiting customs cleareance

India will allow wheat shipments to foreign markets that are still awaiting customs clearance, the government said on Tuesday, May 17th, introducing some relaxation on exports after banning sales of the product on the 14th.

India will also allow wheat to be exported to Egypt, the government said in a statement.

“It has been decided that if wheat shipments have been handed over to customs for examination and registered in their (customs) systems on May 13, 2022, or earlier, they can be shipped abroad.”

India banned wheat exports on the 14th after saying it was targeting a record shipment of 10 million tonnes this year as a scorching heatwave slashed production, and domestic prices hit a record.

The government said it would only allow exports backed by letters of credit (LCs), or payment guarantees, issued before May 13.

The disposition created uncertainty. Of the roughly 2.2 million tonnes of wheat in ports or transit, traders said they had LCs for just 400,000 tonnes.

The decision to ban wheat exports also held about 1.8 million tonnes of grain in ports.

Source: Valor Econômico

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