The primary risk lies in reduced wheat production in India, Europe, and Australia due to El Nino-induced heat waves and dry conditions. India, which consumes nearly all the wheat it produces, could face supply shortages, leading to increased import dependency and higher domestic prices. This scenario could also disrupt global wheat markets, as two of the top three producers—India and the European Union—might struggle to meet demand. Farmers and traders in India should prepare for potential market volatility and price fluctuations.