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India prohibits exporting wheat, so Bangladesh seeks to obtain it from Russia: Report

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India prohibits exporting wheat, so Bangladesh seeks to obtain it from Russia: Report

According to industry officials, Dhaka may be able to satisfy its demands below the high worldwide prices thanks to the supply agreement with Russia, the world’s largest supplier of wheat.

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According to government and trade sources speaking to Reuters on Wednesday, Bangladesh is attempting to secure wheat supplies from Russia through a government-to-government agreement after its main supplier India stopped wheat exports last month to control local prices.

According to industry officials, Dhaka may be able to satisfy its demands below the high worldwide prices thanks to the supply agreement with Russia, the world’s largest supplier of wheat.

According to a senior official with the Bangladeshi food ministry, Bangladesh and Russia will conduct a virtual conference on Thursday to finalize the agreement.

The official, who wished to remain unnamed, stated, “we would first seek at least 200,000 tonnes of wheat from Russia.”

The Ministry of Food did not immediately answer an inquiry for comment.

More than two-thirds of the 7 million tonnes of wheat imported by Bangladesh last year came from India.

Bangladesh attempted to obtain supplies through international auctions following India’s export embargo but had to cancel them due to excessive costs.

According to a Mumbai-based dealer with a multinational trading company, Bangladesh paid less than $400 a tonne on a cost and freight basis for Indian wheat before the ban. Still, other suppliers began quoting over $460, which drove up local prices in Bangladesh.

With inflation reaching an eight-year high in May and the nation’s wheat supplies falling to their lowest level in three years, 166,000 tonnes, the Bangladeshi government is fighting to control skyrocketing commodities prices.

Several nations may provide wheat to Bangladesh. However, the crucial point is the price. Russia can offer a discount over global prices,” said a New Delhi-based dealer with a global trading firm.

Given the Western sanctions on Moscow, however, paying for Russian wheat would be difficult for Dhaka.

“In the meeting, every topic, including money, will be covered. We’ll see, “a representative of the government stated.

According to the New Delhi-based merchant, Bangladesh would initially acquire a limited quantity of Russian wheat and increase purchases provided “all goes smoothly on the organizing shipments and payment’s front.”

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