HAMBURG/LONDON : Wheat importers in Asia were scrambling to find new sources of supply on Monday after India banned exports of the grain at the weekend in a bid to keep a lid on soaring domestic prices, trade sources told Reuters.
"Asian importers are likely to be in deep trouble. India was the Ukraine/Russia alternative especially for feed wheat. already today casting around for alternatives," said a Europe-based wheat trader at a global trade house. Its policy reversal now means only exports backed by letters of credit , or payment guarantees, issued before May 13 can proceed.
"It started already this morning. Traders had to announce cancellation of contracts. I'd assume from mid-June there will be no more shipments," said a second Europe-based wheat trader.
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