India has allowed the export of 300,000 tonnes of nonbasmati rice and 200,000 tonnes of wheat to Bangladesh, a government statement said on Friday, as good rainfall and higher planting have boosted crop prospects.

India, which curbed grain exports in recent years to head off domestic price rises, made the announcement after two global suppliers cancelled deals to ship some 65,000 tonnes of Black Sea wheat to Bangladesh after Russia curbed grain exports.

Wheat prices surged to a two-year high after drought-stricken Russia barred shipments, but Chicago Wheat futures declined on Friday amid end-of-week profittaking.