Reuters reveals panicked traders step up Indian rice purchases after wheat export ban

Reuters exclusively reported that India’s surprise ban on wheat exports has prompted rice traders to increase purchases and place unusual orders for longer-dated deliveries, fearing the world’s top rice exporter may restrict those shipments as well. In the last two weeks, traders have signed contracts to export 1 million tonnes of rice for shipments from June through September and are opening letters of credit quickly after signing deals to ensure the contracted quantity will be sent even if India restricts exports.