Market data provided by Factset.

India, the second-largest producer of wheat, has banned exports of the commodity, due to a risk to its food security. .

A Friday notice in the government gazette signed by Santosh Kumar Sarangi, the Director General of Foreign Trade, said that a "sudden spike" in the global prices of wheat was putting India, neighboring and other vulnerable countries at risk. .

The export of wheat will be allowed in case of shipments where an Irrevocable Letter of Credit (ICLC) had been issued on or before the date of the notice and "on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments." .

"The export policy of wheat against the above mentioned HS codes is ‘Prohibited’ with immediate effect except for shipments fulfilling the conditions mentioned in [paragraph 2 above which will be allowed as per the procedure outlined in Para 1.05 (b) of the Foreign Trade Policy, 2015-2020," the director wrote. .

Even though it is the world's second-largest producer of wheat, India consumes most of the wheat it produces. .

Market data provided by Factset