Black Sea Upheaval Sends India Wheat Back to Neighbor Bangladesh Hallie Gu, Pratik Parija and Arun Devnath Bangladesh has resumed wheat purchases from India, after India’s plentiful supply encouraged it to lift an export ban while Black Sea trade disruptions have sent global prices soaring. Importers have booked more than 200,000 tons of Indian wheat since restrictions were revoked in late August — the first significant sales since 2022.

The Russia-Ukraine war has redrawn global grain trade, with strikes on ports and terminals curtailing shipments. Bangladesh, which needs more than 7 million tons of wheat annually, previously bought nearly 70% from India before the May 2022 ban. It later sourced from Argentina, Canada, Russia and Ukraine, with 40% coming from the Black Sea region.

“Unless the Russia-Ukraine crisis is resolved, supply remains critical,” said Taslim Shahriar, senior deputy general manager at Meghna Group of Industries. Buyers are paying more than $450 a ton for Australian wheat, previously below $380. Most Indian supplies to Bangladesh will move by rail at delivered prices of $305 to $326 a ton.

Refined wheat flour prices in Dhaka jumped 17% in a month, according to the state-run Trading Corporation of Bangladesh. Wheat is the country’s second-most consumed cereal, adding to inflation risk. Chicago wheat futures also surged to a three-year high last month, making Indian wheat more attractive to nearby buyers.