Following the export ban last week, India’s wheat trade has nearly come to a halt as merchants and exporters await policy clarification, causing local wheat prices to return to pre-ban levels. Large exporters have kept their stocks but have stopped accepting new deliveries from suppliers, caught off guard by the tariffs.

Big corporate wheat exporters from India include ITC, Cargill, and Viterra. “The government’s decision to limit wheat exports to ensure equitable distribution to countries, particularly those that are vulnerable or in the region, is a wise move that balances the interests of all stakeholders,” an ITC NSE 1.58 percent spokesperson said, without providing specifics on wheat purchases or stocks.

The wheat market, according to a spokesman of another significant exporter, is at a “standstill.” “There isn’t much buying or selling going on. Everyone is attempting to keep their investments “he stated.