“International wheat prices rose for a fourth consecutive month, up 5.6 per cent in May, to average 56.2 per cent above their value last year and only 11 per cent below the record high reached in March 2008,” the UN food agency said.
The wheat procurement target has been revised downward to 195 lakh tonnes for the current year from the earlier 444 lakh tonnes due to a fall in wheat output and increased exports.
The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies "to meet their food security needs".